Up to Rs. 40 lakh in loans, with the potential for more based on the features and the lenders' judgement The typical repayment period is one to five years, while some banks and NBFCs provide longer periods.While some PSU banks provide lower interest rates, the typical starting rate is 10.50% p.a.Candidates with superior credit histories may also be eligible for immediate disbursement preapproved or prequalified personal loans.
Age range: 18–60 years Income: For salaried applicants, a minimum of Rs 15,000 per month Credit Score: 750 or higher is ideal since it increases your chances of getting approved for a loan at a reduced interest rate.A personal loan's annualised cost of borrowing, which includes the interest rate as well as processing, paperwork, and other expenses incurred during loan origination, is known as the annual percentage rate, or APR.
Flexibility in how you use your money is a major advantage of personal loans. Another benefit is that, in many cases, you can get your personal loan money the same day you apply. Your credit score will eventually rise if you make your personal loan payments on time. A personal loan will typically have a cheaper interest rate and a bigger borrowing limit than a credit card.
