FAQ’s
Personal Loan FAQs
1. Is it a good idea to get a personal loan?
Personal loans can be an ideal solution during financial crisis. Be it wedding expenses, home renovation or medical emergency, a personal loan can be your solution to meet the immediate financial requirements as they are easy-to-get, fast in disbursal and require no collateral.
2. What is the best personal loan?
The ideal personal loan depends on the credit profile of the customer. The credit score, monthly income, employer, employment type, and other factors are all included in a credit profile. To find the finest personal loan, all of the following aspects are taken into account.
3. How can I get personal loan?
To get a personal loan, you need to meet the following eligibility requirements:
- Between the age of 18/21 years – 50/55 years
- Must be salaried or self-employed
- Credit score of 600+ with a good credit history
- Minimum monthly income of ₹14500 for non-metro cities and ₹18,000 for metro cities
- Should be employed at the current organization for at least 6/12 months or business tenure of at least 1 years (continuous)
4. What is the eligibility for personal loan?
Personal loans have a significant impact on your credit score. Missing an EMI on a personal loan might have a negative impact on your credit score. The fact that personal loans are unsecured is one of the reasons for this.
5. How long does it take to get approved for a personal loan?
Personal loan approval has become instantaneous as a result of digitization. However, due to the documentation process, the disbursement could take up to 2-3 days.
6. What is the best personal loan to get?
No such thing as the finest personal loan exists. Every borrower must seek out the lender who best meets his or her requirements. To do so, you can either evaluate different lenders offline or apply to services like IndiaLends, which can help you choose the right lender for your needs.
7. Can you pay off a personal loan early?
A personal loan can, of course, be paid off early. This is referred to as personal loan prepayment. However, this could result in a specific penalty sum that varies from lender to lender.
8. What is the average interest rate on a personal loan?
The interest rate on a personal loan ranges from 6.5% – 24% which differs from lender to lender.
9. What do banks look at when applying for a personal loan?
The banks consider the following factors when looking at a personal loan application:
1. Age
2. Monthly Income
3. Credit Score
4. Credit History
5. Documents
10. Who has the best personal loan rates?
The best personal loan interest rates are determined by a customer’s credit profile. A consumer must have a solid credit score, a continuous source of income, and be salaried/self-employed in order to get the best rates.
11. Which bank gives lowest interest rate for personal loan?
HDFC Bank currently offers personal loans with rates starting at 11.75 percent. Customers’ interest rates, however, may vary depending on their credit profile.
12. How can I get personal loan from Bajaj Finance?
You can apply for a personal loan from Bajaj Finance on their own website or through IndiaLends for quick approval and disbursement.
13. What is the minimum salary for personal loan?
The minimum salary to get a personal loan is ₹14,500 for non-metro cities and ₹18,000 for metro cities.
14. Who is eligible to get this loan?
Any Indian citizen living in Delhi, Mumbai, Pune, Bangalore, Hyderabad and Chennai.
15. How do I apply for this loan?
This is a digital loan and you will have to apply through our website.
16. What are the documents required along with my application?
You need to give your PAN, Aadhaar (or Voter id card, passport or driving license) and 6 months’ bank statement.
17. Will you need to contact my employers for verification?
We will not contact your employers nor ask them for any verification.
18. What amount of loan will I be eligible for?
We normally give 50 percent of your salary minus your monthly liabilities. We do this to ensure that you will be able to pay back the loan without difficulty.
19. Is this a single-bullet loan?
No, we offer short EMI loans of 61 days and 90 days
20. Can I take another loan while one is running?
No, you will first have to repay one in order to take another
21. After repaying my current loan how long will it take to get another?
Once you pay back your current loan you can take another immediately
22. Are there any pre-payment charges?
No, you can pay back and close your loan at any time.