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Personal Loan

Personal Loans also called as Signature Loans are the instant solution for money requirement. Its an unsecured product where you dont need to put any collateral or a down payment to receive funds. Approval of the loan depends on the borrowers Credit history and eligibility to repay the loan from Salaried income. Repayment would be through EMI over a fixed agreed term from 1 to 5 years.

Terms to know in the Personal Loan Product:
  • EMI : Equated Monthly Instalments.
  • ROI : Rate of Interest applicable on a reducing rate calculated per annum ranging from 10.99% to 21%
  • PF : Processing Fee is a one time fee deducted from the disbursed loan amount.
  • Tenure : Time period for repayments agreed upon from 12 months to 60 months.
  • Part Prepayments : Extra money paid apart from emi which directly reduces the principle amount.
  • Foreclosure : Closing of the loan account prior to the agreed upon tenure.

Depending upon the lender bank, part prepayment & foreclosure options may or may not be available & the applicable charges may vary accordingly.

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