Know More About Personal Loan
Personal loan is a loan provided by banks and NBFC’s to the customers without any guarantor for their unexpected expenses such as Home Renovations, medical emergency, children education, marriage purpose etc. Customers can avail an amount of 1Lakh to 25 lakhs for tenure of up to 7 years.
No Gurantor Required
This is a type of loan used for sudden needs without any guarantor for taking a loan.
Set of Formality Documents
This loan can be given to customer who provides their minimal documents.
Easy Disbursals within 48 Hours
All the documents and verification part is complete positively, customer can expect the approval in 48hrs or 2 days in private banks.
Interest rates are fixed
Rate of interest will not be reduced or increased on entire tenure and provide corporate rate to.
The Rate of Interest for a loan cannot provide the exact picture for comparison between various banks. There are certain other charges which are levied by the banks which should be considered at the times of comparing personal loans interest rates in bangalore from various banks.
The Banks levies a processing fee to process the loan application from the borrower. Most of the Banks normally charged processing fees of 1-2% of the Loan amount.
Some of the banks will not allowed to close the loan within the period of 1year.After completing 1year the bank will charge upto 5% of preclousre charges on outstanding amount. Nowadays few banks are offering 0% pre-closure after completing 1st EMI only
Partpayment is a one more unique feature comes along with loan where customer can make partial payment to the particular loan account. This features will be most benefit for customer who can expect higher loan amount up to 25 lakhs and also can save interest part as well as the number of emi's will get reduced.
In Repayment, two types of repayment options are available i.e., Electronic clearing service (ECS) and post-dated cheques (PDC) can be submit to the bank. Most of the customers will prefer to go with ECS because it’s a simple process to repay your loan amount.
Now a customer can balance transfer their existing loan with other banks at any time after completing 1year. As banks are offering 2% less on past interest rate i.e., rate starts from 11.99% onwards and also processing fee will be very less compare to fresh loan.