Loan options

A personal loan is one way to consolidate debt or to pay for major expenses. It offers fixed interest rates and fixed monthly payments for the life of the loan. A personal loan is best for one-time funding, or if you know the entire cost of your project up front. You receive the loan in one lump sum

Important FAQ on Personal Loans

Here are some of the questions people ask or should ask before getting a personal loan.

1. What is personal loan all about?

Personal loan is a 1-5 year unsecured loan given by banks, NBFC’s (Non Banking Finance Companies) or P2P lending platforms without asking for any collateral, guarantor or hypothecation of any assets. The ultimate usage of a personal loan is left to the discretion of the borrower. In our experience, the borrowers generally use a personal loan for debt consolidation, repaying high cost debt, meeting any family or medical emergency, wedding, vacations, home renovation, rental deposits, business needs for an SME, buying certain assets etc.

2.What is the loan duration option?

Again depending upon your income and experience the duration would be decided which ranges from 12 to 60 months.

3.Where cn I get this loan?

You are free to contact our customer care at any time and ask for a client visit. You can also step into any of our Bank branch near you which offers personal loans.

4.If I change my job, will it affect my loan?

Not necessarily only if you continue to pay the EMI`s on time. Kindly update your loan manager about any such change so that the manager can manage your loan better.

5.Can I apply for this loan with my spouse?

Yes. It's always a good idea to apply jointly with a co-applicant for a personal loan. This helps you to increase your income eligibility and you can also avail for a larger amount of loan.

6.How long can I borrow a loan for?

Though the tenure depends on the category of the applicant, the maximum is 60 months.

7.How can I track my loan applications?

Yes, absolutely, you just have to simply opt for this option and the information will be shared through phone messages or emails. This is also free and there are no charges at all.

8.How can I repay my loan?

Loan repayments made in EMIs. This can be paid through ECS. Also, clients can provide standing-instructions to bank to debit the right EMI amount each month.

9.How much do I need to repay each month?

At the time of booking of your loan, the EMI is calculated based on loan amount sanctioned, interest rate and tenure.

10.How long does it take to approve a loan?

The Turnaround Time (TAT) depends on the customer, the case, the amount and the documentation served by the customer. Also all positive outcomes of customer profiling is undertaken. The credit managers make it sure that it takes 4-5 days for salaried employed and about 7 days for self employed