Personal Loan

A Personal Loan is an all-purpose loan. It is absolutely hassle free and you can do virtually anything under the sky with the money, as long as you pay off the installments in time. It is an unsecured loan without guarantors, securities, hypothecation or any mortgages.

Your income i.e., salary if salaried and IT Returns if self-employed along with other factors such as repayment track record and bank statement amongst others are considered by the banks during loan sanction. Personal loans are available from Rs.50, 000/-to Rs.20, 00, 000/-for tenure of 1 year to 5 years depending on income and repaying capacity. The rule of thumb being longer the tenure higher the loan amount and lower the EMI per month.

Personal loans to self-employed professionals such as Doctors, Chartered Accountants, Engineers, and Architects etc. are available at special rates being preferred customers. Indicative rate of interest would be:

• Salaried individuals 14% to 24%
• Self Employed Professionals 14% to 18%
• Self Employed Non Professionals 16% to 21%

The above rates are purely indicative. The actual rates that you can get from the bank depend on various factors like income, company profile, turnover, repayment history, qualification and negotiating power etc.

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