Personal Loan

A personal loan is an-all purpose loan for your own personal use. It could be for any expenses such as funding holidays, purchase of consumer durables, medical expenses, wedding expenses, buying jewelry, down-payment for a home loan, transfer of credit card outstanding, or sudden business requirement.

Here are some things you need to know before you apply for a personal loan.

There are many options, other than a personal loan, to fund your requirements, such as loan against property or car refinance. It pays to go through all such options before you decide on a personal loan. Personal loans have their advantages and disadvantages. Read on...
 

• Why personal loan?
• Personal loan or loan against property?
• Personal loan or credit card cash withdrawal?
• Personal loan or car refinance?

Personal loan application process

It helps, in terms of saving time and money, to know beforehand the process to be followed to avail of a personal loan. This is especially true as most often you take personal loans when you are in urgent need of money and short of time.

• How to apply?
• What are the eligibility criteria?
• Documentation
• Charges applicable before and after the personal loan

How much personal loan can I get?
Banks provide personal loans based on the income of the individual. Banks normally provide personal loan up to 2 - 3 times the ...

How is the personal loan disbursed?
After the bank approves your loan application, it gives you a sanction letter. This is followed by loan disbursal through...

Repayment options
Repayment of a personal loan is commonly done through equated monthly installments (EMIs). The loan tenure ...

Can I prepay personal loan?
Yes, you can prepay your personal loan, but you may have to pay a prepayment penalty. Prepayment penalty on personal loans are...

Personal loans demystified
Find out why buying your Laptop or your LCD Television can best be done through a Personal Loan rather than a "Consumer Durable Loan" ...

EMI Calculator
Find out how much you will need to pay back every month...

Glossary
Don't get flummoxed by jargon, such as AFC (Additional Finance Charges), Amortization, Asset, Compound Interest, Credit Profile etc. the personal loan salesman throws at you. We have compiled a list of technical words used when referring to personal loans and their meanings to help you wade through the negotiation process...

Frequently asked questions
A quick run up through the many questions that arise when you think of personal loan such as: Is a guarantor necessary? Can I club the income of my spouse with mine?...