Overview
A personal loan is a type of unsecured loan, which means that it is not backed by collateral such as a car or a house. Personal loans can be used for a variety of purposes, including consolidating debt, paying for home improvements, or covering unexpected expenses.
The terms of a personal loan, such as the interest rate and repayment period, will vary depending on the lender and the borrower's creditworthiness. In general, borrowers with higher credit scores will be offered better terms.
When applying for a personal loan, lenders will typically check the borrower's credit score and income to determine their ability to repay the loan. Borrowers should be aware that taking out a personal loan will likely have an impact on their credit score.
It's important to compare the terms offered by different lenders and read the fine print before taking out a personal loan, as some lenders may charge hidden fees or have other restrictive terms.
Frequently Asked Questions
What is eligibility criteria Personal Loan?
He/she must be an Indian citizen and a salaried worker working in the public/private/government sector. Age should be between 22 and 67, and monthly pay should be at least 15,000 per month
Why should I apply Personal Loan with Findryl instead of with a Banker directly?
In short, you'll save time and probably a lot of money! It's important to compare different options instead of going with the first one you find. If you apply with one banker and get rejected, you'll have to restart the process with another lender. Findryl simplifies this process with a single, unified way that connects you to the best loan offers.
Features & Benefits?
- Collateral-free loan
- Interest Rate starting from 10.25% per annum
- Loan amount up to Rs. 40 lakh, can exceed as per business requirements
- No End-Use Restriction
- Repayment tenure up to 84 months.
- Minimal Documentation
Credit Score & it's impact on availing personal loan?
Personal loans are the unsecured loans offered by financial institutions wherein you are not required to submit any collateral with the lender. To minimize the risk of defaults or non-payments by the borrowers, most of the banks and NBFCs offers personal loans only to applicants with good credit score. Maintaining a credit score of 750 or above is always an added advantage in the loan approval process. It increases the chance of approval and helps in availing personal loan at low-interest rates. Credit score is generated by 4 credit bureaus operating in India like CIBIL, Experian, Equifax and CRIF Highmark, depending upon the financial documents submitted to them by the banks or lenders.
How much money can I get from a personal loan?
The amount you can qualify for depends on many factors, which may vary from lender to lender. But generally, your approval is based on your overall ability to pay down your loan, which is usually a function of your income and debt-to-income ratio.
How long will it take for me to get my personal loan?
Depending on the type of loan you apply for, typically it can take anywhere from 1 to 3 business days to receive your funds, sometimes even on the day you apply. To make sure you receive your money as quickly as possible, make sure you fully complete your application and promptly provide your lender with any additional information or documentation they may need.
Documents Required for Personal Loan?
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Identity Proof |
PAN Card/ Voter’s ID/ Aadhaar Card/ Passport/ Driving License |
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Address Proof |
Bank Account Statement/ Aadhaar Card/ Lease/ Property purchase Agreement/ Utility Bill (not more than 3 months old)/ Passport/ Driving License |
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Income Proof |
For Salaried Individuals: Salary Slips/ Bank Account Statement/ Form 16 For Self-employed: Previous Years’ ITR/ P&L Statement and Balance Sheet/ Bank Account Statement |
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Business Proof |
For self-employed applicants only: Certificate of Practice/ Partnership Deed/ GST Registration and Filing Documents/ MOA & AOA/ Shop Act License |
Can I take a personal loan from two different banks at the same time?
Yes, you may avail personal loan from two different lenders at the same time. However, it is not advised to do so as it will not only affect your credit score but also increase your EMI payout. It will be better to take one personal loan of a larger amount than two personal loans of smaller amounts. This way you can pay lower EMIs for a longer tenure and also improve your credit score. Moreover, you will save upon processing fees and other loan-related charges.
How do I apply Personal Loan through Findryl?
It's simple, just fill the above form or hit the whatsapp button on the bottom right on your screen. We'll manage everything for you, and there's no fee involved.