Personal loan with fast and quick approvals
A personal loan is unsecured credit advanced by institutions and/or individuals without requiring a security or an asset guarantee. The loan is given based on an individual’s credit and financial position with expectation of return within a fixed time period. Personal loan applications are qualified for approval to meet a variety of requirements including travel, marriage/weddings, medical needs, home renovation, goods purchases, debt consolidation and others.
Basic eligibility required include a good credit history, adequate salary and a steady bank record. Other factors like years of employment, employer, city you stay in, etc also determine important factors like eligible amount, tenure and interest rate. Interest rates for personal loans vary from around 10.99% to 30% across different banks, NBFCs and P2P platforms with processing fees of between 2% to 7% of the loan amount approved.
Loans amounts can range between Rs. 10,000 to Rs. 30,00,000 for periods between 1 to 60 months depending on the type of requirement and eligibility. To apply for a loan, you must be atleast 21 years of age and have a stable source of income. Occupation is not a barrier, but it is relatively easier for salaried employees to get a personal loan as compared to businessmen or self-employed professionals.
