Personal Loan Frequently Asked Questions ?
1.What are the minimum and maximum loan amounts?
You can avail of loans ranging from rs 1,00,000 to 30,00,000 depending on your eligibility, income and repayment capacity.
2.What are the loan tenure options?
The loan can be repaid over a period of 12 to 60 months
3.Are there any additional charges?
A Processing fee of a maximum of 3% of the loan amounts and requisite documentation charges is payable upfront. this fee will be deducted from the loan amount at the time of disbursal.
4.How much time will it take for my loan to be approved?
Your loan will be disbursed within 4-7 working days post receipt of the required documents.
5. Do i have to provide any security, collateral or guarantors?
No security, collateral or guarantors are required for obtaining a personal loan.
6.What is emi?
Emi stands for equated monthly installments. this installment comprises both principal and interest components. please use the emi calculator to find out the emi you need to repay.
7.How do i repay the loan?
You can repay the loan in equated monthly installments (emi's) using the nach facility, or a direct account debit (only for standard chartered bank account holders).
8.Can I Prepay My loan?
You can pre-pay your loan with preclosure charges of 5% anytime after completion of 12 emis by giving the bank a 21 day notice.
9.Do i need to open an account with for availing and/or servicing the loan?
We will encourage you to start a banking relationship with us so that we will be able to offer a host of other value added services, which are complementary to the loan, however opening an account with us is not mandatory.
10.How CIBIL score affects Personal Loan Interest Rates
Remember that your credit score is a vital factor in the personal loan approval process. It is good to remain updated on your credit score when you plan to apply for a personal loan, or any line of credit, for that matter. You can learn your credit score by obtaining a copy of your credit report from one of the three main credit rating bureaus in India. It is generally desirable to have a credit score of at least 750 when applying for a personal loan.
It is difficult to secure a personal loan with a low interest rate if you have bad credit. If you have a poor credit score and your loan application is approved, be warned that you might be charged a high interest rate and other unfavorable terms on your loan.