Personal Loans FAQs

A loan which is taken for any personal need, be it child’s education, marriage, travel abroad, renovation of home, emergency medical expenses or any personal requirement.

A max of Rs.25 Lakhs can be availed under this facility.

Tenor ranging from 12 months to 60 months

Banks would levy additional charges as processing fee ranging from 2% - 2.25% p.a. on the sanctioned loan amount

No. Personal loans are unsecured loans, which do not require have any security.

An average of 3 year business vintage with an annual income of Rs.1 Lakh.

As the name suggests, since it is unsecured, the indicative interest rate vary between 18% p.a. to 22% p.a.

Maximum age for availing the facility is 65 years and minimum age is 21 years.

Terms and conditions differ for individual banks/FIs.

Personal loans are generally repaid on a monthly basis. You can pay the amount through and Equated monthly instalments. This can be either through PDCs(post dated cheques, or through ECS )

Yes, you can prepay your loan, generally anytime after 6 months. Prepayment charges would be applicable as mentioned in your sanction letter. However, you may partpay your loan anytime without charges