A dream can be in many forms – be it in the shape of a newly renovated home, an essential appliance, an extravagant wedding ceremony or a well-deserved long holiday abroad.
A dream is envisioned and conceived in many forms – it may be in the shape of a newly renovated home, an essential appliance, an extravagant wedding ceremony, or even a well-deserved long holiday abroad. A Personal Loan is an aid to make those dreams come true. However, it is not limited to dreams, it covers other essential and emergency expenses as well as helps to keep our lives on track. By definition, Personal Loan is any purpose loan which is given without any collateral or guarantor.
This is a very unique loan product wherein the borrower is at his/her discretion to do whatever they want to with the money received, without limiting it to one specific reason. However, it should not be used for speculative purposes and investment in tax-saving instruments. The loan can be repaid like other kinds of loans through the Equated Monthly Instalment – EMI (Use EMI Calculator) process where a fixed amount is paid each month.
Features of Personal Loan:
- Provided without any specific purpose.
- No collateral or guarantor required.
- Attractive Rate Of Interest.
- Shorter term loans compared to other loans (i.e 3 to 5 years)
- TAT for Personal Loan is 48 hours
- Personal loan ranges from Rs.50,000 to Rs.50 Lakhs approximately and are typically repaid in tenures ranging from 1 to 5 years.
- Higher Loan Amount + Least Loan Tenure = Low Interest Amount.