Personal Loan is a collateral free loan based on income documents of individual or company. Since this is an unsecured loan thus the borrowers past track records of loans & credit score has to be good.
Personal loan processing is very easy as it required less documents as compare to any secured loan but it always attracts high rate of interest & shorter repayment period.
Any financial institutional look for credit score & income because they are not your friend and it is strictly a business transaction, therefore your good income documents & credit score will help lander to land the money.
A. The word UNSECURED PERSONAL LOAN means when a salaried person apply for a loan based on his/her net monthly salary not providing any kind of security against the loan.
A. It takes 7 working days once documentations are completed
A. No in personal loan generally bank don’t allow joint application.
A. No need of giving any security apart from security cheques.
A. Processing fee in personal loan varies bank to bank, normally it’s start from 1.00% to 2.50% of loan amount.
A. Since this is a housing loan thus bank requires a mortgage of the property for which the loan is being taken.
A. Processing fee in housing loan varies bank to bank, normally it’s start from 5000.00 to 0.50% of loan amount.?
A. EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. EMI is based on the loan amount, rate of interest and the repayment period.
A. In personal loan bank do offer loan for 1 year to 5 year depending upon net salary, company you are working & age.
A. Taking a personal loan fulfills your urgent requirement of personal expenses like marriage, education, home renovation, furnishing or a foreign trip etc..
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