Personal Loan In Delhi

A personal loan is a financial instrument to avail a loan for unrestricted usage. You get a personal loan without mortgaging any asset. It is an unsecured loan that can be taken without pledging any collateral. A personal loan can be availed at a set rate of interest for a fixed repayment tenure.

Documents required for a personal loan

A personal loan is a collateral-free loan but requires certain documents to ascertain the repayment capacity of the borrower. You need the following documents:

KYC documents that include Identity proof, nationality, age, etc.

Duly filled application form

Continued employment proof/employment certificate

Income proof and salary slip

Additionally, you should have a good CIBIL score. A score below 750 may reduce the chances of availing of the personal loan.

Personal loan EMI calculator

With the EMI calculator, you can calculate the equated monthly installment that you need to pay towards your interest and principal amount over the loan tenure.

If you know your EMI in advance, you can manage your budget conveniently to pay off the loan. You can also choose the right loan tenure.

Pre-payment of personal loans

Pre-payment of a personal loan refers to the payment of a personal loan before the completion of the tenure.

Personal Loan In Delhi

The borrower has to pay pre-payment charges that usually vary between 3% to 5% depending on the lending company.

Always compare not only the interest rate but also the processing charges & pre-payment, and foreclosure charges. Sometimes the company charges a low interest rate but high pre-payment charges or a penalty of foreclosure.

FAQs

Q. What are the documents required for personal loan?

Ans. You need the following documents: KYC documents that include Identity proof, nationality, age, etc. Duly filled application form Continued employment proof/employment certificate Income proof and salary slip.

Q. What is pre-payment charges in personal loan?

Ans. Pre-payment of a personal loan refers to the payment of a personal loan before the completion of the tenure. The borrower has to pay pre-payment charges that usually vary between 3% to 5% depending on the lending company.

Q. Do you require any collateral for personal loan?

Ans. No, a personal loan is an unsecured loan that can be taken without pledging any collateral.

Q. What are the usage of personal loan ?

Ans. A personal loan can be availed for unrestricted usage. It can be either productive use or consumption.

Q. What is the significance of CIBIL score in personal loan?

Ans. A good CIBIL score increases the chances of availing personal loan at a low interest rate. A CIBIL score below 750 may reduce the chances of availing of the personal loan.

Q. How long does it take for personal application approval ?

Ans. Generally, it takes few business days from the date of submission for approval. It takes less time if you submit online for approval.

Q. what is personal loan EMI calculator?

Ans. With the EMI calculator, you can calculate the equated monthly installment that you need to pay towards your interest and principal amount over the loan tenure.