A personal loan is a quick and unsecured credit provided by banks, non-banking finance companies, and private financiers. Since it doesn’t require collateral like property, gold, or a guarantee, it is called an unsecured loan. Based on individual creditworthiness, financiers take little time to approve and disburse personal loans.
Personal loans are offered in pre-approved formats for convenience. Also, the borrowers are allowed to use the personal loans for anything. If you need money, you always have the option to borrow a personal loan. Once you repay your loan, you can borrow another loan at a reduced interest rate. Always compare personal loans and opt for a short loan on a shorter tenure to save interest in the long run.
APPLY NOWThe detailed information on eligibility criteria for Personal Loan is mentioned below!
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| Bank | Rate of Interest |
|---|---|
| HDFC Bank | 10.25% |
| IndusInd bank | 10.25% |
| Standard Chartered | 10.75% |
| Axis Bank | 10.99% |
| Kotak Mahindra | 10.75% |
Secured loans require collateral (such as a house or a car) to back the loan, providing security for the lender in case the borrower defaults. Unsecured loans do not require collateral but typically have higher interest rates as they pose a higher risk to the lender..
The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. It is determined by factors such as prevailing market rates, the borrower's creditworthiness, and the loan term.
Missing a loan payment can result in late fees, penalty interest rates, and negative effects on your credit score. If you continue to miss payments, the lender may take further action, such as reporting the delinquency to credit bureaus, initiating collection efforts, or even seizing collateral (for secured loans).
In many cases, yes, you can pay off your loan early. However, some loans may have prepayment penalties or fees for early repayment. It's essential to check your loan agreement or consult with your lender to understand any potential costs associated with early repayment.
The required documentation varies depending on the type of loan and the lender. Common documents include proof of identity, proof of income (such as pay stubs or tax returns), bank statements, and information about any assets or debts. It's best to check with your lender for specific requirements.