Personal Loans are unsecured loan which does not require any security or collateral .It also does not require any guarantor.
Any individual who has got a source of income as salary or business income can apply for a personal loan. Please note salaried individuals working in proprietorship business and partnership firm are not eligible to apply for this loan.
You can apply for a personal loan in order to fulfil any of your personal needs which requires financial assistance. The loan can be used for buying a plot, wedding expenses, hospitalization expenses, holiday packages, buying jewellery, higher education etc.
Personal Loans are offered by nationalized banks, private banks , foreign banks and a few Non Banking Finance Companies.Personal Loans are offered by nationalized banks, private banks , foreign banks and a few Non Banking Finance Companies.
Personal loans does not require any collateral or security. Exceptionally in some cases, a Co-applicant is required if certain norms are not met by the applicant.
Personal loans are available in the range of Rs. 50,000 to Rs.30 lacs depending on the income eligibility of an applicant. However banks also have specially designed products to offer higher loans.
The tenor of personal loan ranges from 12 months to 60 months. However it should be noted that tenor is the discretion of the bank and also in most of the case, the tenor is restricted to 36 months.
Yes, you have to pay processing charges as decided by the bank from time to time. Generally it varies from 2% to 2.5% .
Personal loans are generally repaid by the way of equated monthly instalments( EMI).
No, moratorium is not applicable for personal loans. Generally first EMI starts within 45 days of the disbursement of loan.
Rate of interest is a factor of prime lending rate (PLR) as announced by respective banks from time to time which varies with market conditions. Generally the rate varies from 13.5% to 22% depending on the loan amount and profile of applicant.
Generally it takes 3 to 7 working days to sanction a personal loan after completion of all formalities in terms of compliance in documentation.
Yes, a few banks offer special rates for those who have a relationship with their bank. The relation ship could be a bank account, existing loan, a credit card etc.
Most banks allow its customers to prepay personal loans after 6 months of disbursement. Generally banks charge a penalty of up-to 5% as prepayment charges on the principal outstanding.
It is in the interest of the borrower to repay all the EMIs as per schedule. Delay in payment of EMIs or default would badly affect the credibility of the borrower. Moreover getting a loan at a later stage would be difficult. Generally banks share the credit history of a borrower with credit bureau and in turn they share data of credit history of a borrower with other banks.
You need to be at least 27 years of age to apply for a Business Loan under the 'Self Employed Business Category'. You cannot exceed 65 years of age at the time of Loan Maturity.
Yes, the annual turnover of your business should be between 10 Lakhs and `100 Crores. Further, your business needs to be in continuity for the last 3 years showing positive trends in turnover and profit for the last 2 years. Your Income Tax Returns of the last 2 years should reflect taxable income of above 2 Lakhs per annum.
You can repay the loan in equal monthly installments (EMIs). The loan can be repaid through post-dated cheques. You can also repay through an ECS mandate to your bank.
You do not need to hypothecate any assets to avail a Business Loan .
You can avail up to a maximum of 50 Lakhs. The amount would be calculated based on your income and other parameters fixed and explained by Easy Loan EMI executive.
Yes, you can foreclose your Business Loan after a minimum period of 6 months.
Yes, if you are an existing customer of Easy Loan EMI , you will get additional benefits in processing time .
Any one who has got a stable source of income is eligible to apply for a home loan. The income can be salary income, business income, rental income etc.
Loan eligibility is calculated on the basis of your income and valuation of property. Banks/ Financial Institutions take into account your repayment capacity. Generally loans are given to the extent of 80-85% of the property valuation and the final sanction is subject to the repayment capacity.
Yes, your spouse's income will also be included while calculating your loan eligibility. Also you can club your parents income, brothers income for loan enhancement. In case of self employed applicants, partners income can also be clubbed for loan enhancement.
No, you cannot get a home loan on a property which is already owned by you. However if you have purchased a property and within 6 months if you want to avail a home loan, the same would be considered by the bank. After 6 months you would be eligible for only a loan against property, and the interest rates for this loan is generally higher than that on a home loan and the tenor of such loans are shorter. Moreover, you will not be able to avail income tax benefits on it like on a home loan.
Yes, you can avail home loans from different banks( only for sanction purpose). However, the property can be mortgaged to only one bank and hence you need to finalise one bank for completion of formalities.
Yes, you can avail multiple home loans on different properties. The banks are primarily interested in the repayment capacity of a person and if they are comfortable with it you will not have any problem getting home loans for different properties at a time.
Yes, if the land comes under non agricultural use, then you can get a home loan to construct for residential purpose. You need to provide an architect estimate for the construction plan. Tax benefits for such loan starts only after completion of the house.
Yes, non-resident Indians can avail a special NRI home loan to buy a property in India. However it is at the discretion of the bank to sanction such loans. Most of the banks fund NRIs for a shorter tenure and charge a higher interest.