Personal Loan
A personal loan is a unsecured loan which we take and can use it to do whatever we wish, such as medical emergencies, self and children weddings, child education, or travel around the world. It is nor like secured loans where you have to keep sone thing as security or collateral, personal loans do not require collateral, it makes a popular choice for people of all classes.
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Personal Loan Features
- Unsecured: We don’t have to keep something as collateral.
- Flexible Use: We can use it for whatever purpose we like.
- Quick Disbursement: We can get loan amount in less than 1 hour to few days depending on loan amount and bank or finance company policies/.
- Fixed Tenure : Short and fixed tenure ranging from one month to 7 Years.
- Interest Rates: Interest rates are higher than secured loans. As we don’t keep something as collateral
- Loan Amount: You can get loan as little as Rs.500to maximum 70 Lakhs
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- Age: Your age should be between 21–60 years.
- Income: some bank or finance companies give loan depeding your credit score, but in such cases loan amount is small..
- Employment: You need to have a Stable job or business for 2 years and business vintage or job continiutity
- Credit Score: Credit score depends on bank and finance company, usually the score required is 700 or greater than it.
- Identity proof such as (Aadhar, PAN, Passport, etc.)
- Address proof  (Utility bills, rent agreement, etc.) in case of rented profile permanent address is required.
- Income proof (Salary slips, bank statements, or ITR) in some cases form 16 is required.
- Employment proof (Offer letter or business registration)
Personal Loan Interest Rates
- Many factors are taken into consideration such as credit score, income, employer reputation, and loan amount. The ,most important is which category company are working.
- Bank often gives lower interest rates to people who are working in top companies and have a good cibil score (You can check free cibil score online here ).
Pros and Cons of Personal Loans
Pros | Cons |
No collateral required | It comes with higher interest rates |
Quick approval and disbursement | Should be used only for emergency purpose |
Flexible usage | High processing fees are levied. |
You can improve cibil score if you pau it on time | Late payment will destroy your cibil |
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What Happens If You Default on a Personal Loan?
Late payment charges and additional interest is charges on the emi amount
It will damage your cibil score
IIf you don’t pay it at all they will take legal action
Harassment by recovery agents
what is the Loan Recovery Process:as per RBI Guidelines
You have to informed by email, SMS and call before starting recovery
Code of conduct should be followed by recovery agents.
You should be politely communicated
After multiple reminders, lenders may file a case for recovery.
What Actions Can Banks Take for EMI Defaults?
Additional interest and late payment penalty has to be payed
They can send you legal notice
They will inform cibil and mark as loan defaulters
If you have kept anything as security they will seize it
How to Foreclose a Personal Loan
Foreclosing of personal loan is a very simple process. Just pay outstanding amount and get a NOC that your loan is closed
Easy Steps to Pay Off a Personal Loan
Do some partial payments every six months or year. Allocate your budget for it. If you need a. Personal loan for cibil defaulter to restructure your loans then visit this link.
maximum tenure for personal loan is 7 Years. i.e. 84 Months
The answer is to this question is not simple. It depends on why your cibil score is low.
No tax benefits are there in Income Tax act
You have to pay late payment as well as additional interest on emi amount.
YEs, You can Transfer it. No for online app loans
Depends on loan amount, credit score and which CATcompany are you working
By understanding the nuances of personal loans, borrowers can make informed decisions, ensuring financial stability and timely repayment. Always consult with financial advisors or conduct thorough research before applying for a loan.
