Personal loan have a shorter repayment tenure ranging from 1-5 years. Depending upon the individual applicant's profile and lender, the APR (Annual Percentage Rate) of a instant personal loan may vary from 11% to 35%.
Personal loan is a short to medium term loan to meet your immediate financial needs. Personal Loans are a form of unsecured loan and require no collateral. The funds can be used to meet your needs for debt restructuring, marriage, holiday expenses, home renovation etc, but the funds can be used to cover any financial need.
Personal loan interest rates start from 10.75% onwards and the tenure extends from 2 years and more. The exact interest rate depends on the profile of the customer and varies with loan amount, credit history etc.
The tenure for the loan starts from 2 years and can go upto 6 years
For example, if you take a loan of Rs. 3 lakhs at the rate of 13% with repayment tenure of 3 years, your EMI will be Rs. 10,108. The total payable amount at the end of 3 years would be Rs. 3,63,895. Therefore, you are paying total interest amount to the tune of Rs 63,895. This, however, excludes other applicable charges which can be quantified as under:
Loan Processing Charge - 2%
Planning to go for your dream vacation? Or you need to buy that latest sports bike? Unforeseen financial issues and unexpected expenses can come up at any point in time. Therefore, to deal perfectly with all the financial requirements, taking a personal loan is a suitable option to go with. If you take an instant personal loan online, there will be no limit on the usage of the borrowed amount. So, no matter you need to organize a family function, fund your child’s education or need to manage the medical expenses, a personal loan can be a great help in managing all your concerns smoothly. A personal loan can easily be acquired with a lot of added benefits and features. Moreover, there is no need for you to show up any collateral and get instant access to the funds required. .
Fill in the Personal Loan Application Form, to check your eligibility.
Compare various Personal loan options, and apply for the suitable option.
Get an instant e-approval, after successful submission of the application.
A personal loan is a loan that is categorized as unsecured funding, in which there is no requirement of providing any collateral or any sort of security. This security is demanded to help the applicant for your instant needs. It is a flexible kind of funding and so it can easily be utilized for several different including wedding, home renovation, financing your Childs education, for travel purpose and more. Furthermore, there is no constraint for the amount of money you have access to and no one questions you that for what reason you are planning to take a personal loan. In fact, this sort of funding can also lend you a hand in creating a good credit score faster when compared with other forms of credit. This is due to the high risk it holds because of being unsecured in nature, as it is considered beneficial for the borrower and less advantageous for the specific lender as no security is involved.
Personal loan entails various features and benefits. Below are some beneficial factors-
One of the best advantages which are linked with an instant personal loan online is that it is of unsecured nature. This means that the applicant is not required to show any sort of collateral to the bank. Basically, the borrower is free from providing clarification for why he needs to have access to funds through an instant personal loan online or to show up any security to the loan provider. The applicants can easily get hold of an affordable personal loan easily if you meet the eligibility requirements, and have a good and strong CIBIL Score.
This is the next major feature of a personal loan, as most of the people dislike submitting a pile of documents, and therefore because of the digitalization, this procedure has been turned easy as now very minimal documentation and authentication is done. The entire procedure has been turned simple and digitalized. Therefore, offering the customers with another benefit of getting access to required funds through a personal loan.
The applicants can now easily get access to instant personal loans online that are quick and hassle-free to acquire. Personal Loans have set an image of offering on the spot loan approvals with an efficient procedure.
Being multi-use in nature is the sole factor that makes a personal loan as the most desirable option in terms of a financial product. Different from other financial services, the applicants can avail it for an assortment of needs, ranging from managing a wedding in the family, child’s education or to clear your debts.
A personal loan is offered by most of the banks and even the non-banking finance companies (NBFCs) but with diverse eligibility terms and conditions. On the other hand, there are a few points that are similar to all the financial institutions and banks. Therefore, to get access to funds through an instant personal loan, the candidate is required to fulfill these necessities. Adding more to this point, it is suggested to check your eligibility before applying for a personal loan.
|Age||23/24 years - 60/65 years|
|Credit score||750+ or with a good credit or cibil score history|
|Minimum Net Income (Monthly)||
|Loan Amount||Up to 40-50 lacs depending on the credit profile and the applicants profile.|
The common documents which are required for an online personal loan approval are given below:
Here is some detailed information on different types of online personal loan:
Everyone wants certain changes in their lifestyle, some do it by getting new accessories and some like to remake or remodel their house. Well, remodeling the entire house requires major amount of finances. And for this availing a personal loan is beneficial as you can get the approval instantly and don’t have to wait for weeks and weeks to get the approval. And hence, you can start off with your renovations.
In India, having a sumptuous wedding is what every Indian plans on doing. More than a ceremony it is considered as a ritual to spend a lot on weddings. Well, this is the culture we have been following. So for making it to look like lavish wedding, one ends up spending most of it is saving, whereas some require finances for setting up a wedding. This is where personal loan comes as a savor, as you can apply online personal loan and cover the expenses.
Travelling with family, requires more money, as being the head of the family you are required to take care of all the expenses, or if you plan to travel alone, then also having a good amount of money is always like a cherry on top. Well, a personal loan makes your travelling easy. As you can avail a personal loan instantly and then accordingly plan a fun and memorable vacation.
Stressed with various debts being piled up? Various debts makes it difficult for the applicant to remember the various EMI’s they have to pay and missing out an EMI will result as a default in your credit score. Avail a personal loan, and instead of continuing with various debts and paying so many EMI’s, just continue with one personal loan and stay tension free.
The top up of a personal loan is a facility which is provided by financial institutions such as banks and NBFCs, to customers that allow you to borrow a certain amount of money over your personal loan which are going on live. The interest rate for a top up loan is slightly higher than the regular personal loan, as you are availing more amounts on your personal loan.
Did you know you can save thousands of money on your interest costs on a personal loan? Sounds amazing, right? Well, that is what a balance transfer does and helps you with it. In balance transfer you can pay off your existing loan with a new loan at a lower-interest rate.
While planning to raise a request for a personal loan, EMI (Equated Monthly Installment) plays a major role, as it is the money that the applicant will be shelling out on a monthly basis. No matter the monthly installment is good to go with your budget you still have to pay this so as to get hold of a personal loan at the time of emergency. This is where a personal loan EMI calculator can be a boon. This online EMI calculator helps in getting clear about your affordability and EMI that you can easily pay.
Have a look at the results that will appear on the personal loan EMI calculator online:
|Few Personal Loan Details|
|Interest Rates||10.75% - 35%|
|Processing Fee||It Differs from bank to bank; generally ranges between 1-3% of the loan amount|
|Loan Tenure||12 months to 60 months|
|Loan Amount||Starting from 15000 – 30 lacs|
|LLock-in period||It Varies from lender to lender|
|Pre-closure Charges||It Differs; Generally between 2%-5% of the loan outstanding|
|Guarantor Required||It Varies on different conditions|
LoanAdda is the best way out for all your financial requirements. Here, we try to serve the applicants with the finest possible services that are undisturbed and streamlined in nature. For the instant personal loans, our experts offer an assortment of relative analysis of which banks and NBFCs are serving and helping customers in their final decision.
Mentioned below are some beneficial points for which one should definitely apply for an instant personal loan online at LoanAdda:
LoanAdda endows all its customers with round the clock services. The applicants can easily get in touch with the professionals at any hour they feel like. Furthermore, the procedure to apply for an instant personal loan until it gets approved is fast. In case of any issues, the customers can simply reach us at email@example.com for any sort of query, complaint or feedback.
At loanadda, customer satisfaction is our priority. The experts we have put their best efforts to endow the applicants with suitable financial help. The personal loan amount gets approved in accordance with the customer profile. Here, we give our best to make to experience a hassle-free loan disbursal at earliest.
With over 40+ loan providers as our partners, we allow the applicants to compare the different offers from several banks and make them experience a better option for a personal loan. Our experts assist to search for the finest loan providers as per the eligibility requirements.
Our client support team is quick and efficient to clarify all the suspicions like the personal loan eligibility, its procedures, its offers, its documentation and also the repayment options. We even get in touch with the respective banks on behalf of the applicant.
In the first step, the customer needs to fill in the eligibility form which includes filling the following details:
An Instant One Time Password (OTP) will be sent on the applicant’s registered mobile number in order to manage further proceedings.
After submitting all the required details, the customer will get an e-approval of a specific amount immediately, and then our executives will co-ordinate with him till disbursals.