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Personal loans are an unsecured form of credit that is popular to meet immediate requirements. It is multi - purpose in nature and therefore can be used for various purposes including wedding, home renovation, travel purposes, other personal emergency and more.
In fact, servicing a personal loan on timely basis can help you build your credit history faster ascompared to other forms of credit. This is because of the higher risk it carries due to being unsecured.
One of the benefits associated with an online personal loan is that it is unsecured in nature. This means you don’t need to pledge any collateral for your loan. Although this can be a reason for a slightly higher interest rate, you can get a low-interest personal loan easily if you meet the income eligibility requirements.
In this age of digitisation, the process of verification and documentation has now become short.
This is applicable for an instant personal loan as they are processed faster and require minimum documents for approval.
Personal loans are provided by most of the banks/NBFCs but with different eligibility requirements. However, there are certain criteria that are common for all financial institutions. The eligibility criteria to get an online personal loan approval for salaried and self-employed individuals are:
You can get personal loans that are quick and easy., which is why it is the best bet in times of financial emergency. Moreover, the process has become digital; thereby reducing time in the verification process.
A personal loan can be used for anything except for investment and illegal activities. Apart from that, it is multipurpose in nature and can be used for anything. Other forms of credit when taken are for a specific purpose and can be used only for the same. For example, a home loan is used only for purchasing a house whereas a car loan iscan betaken to only buy a car. However, a personal loan can be taken to offset any immediate requirements.
The common documents required for an online personal loan approval are given below:
Here is a comparison table of the popular personal loans online along with their processing fees, preclosure charges and interest rate:
|BANK||Interest Rate(pa)||Loan Amount||Processing Fees||Part Payment||Pre-closure Charges||Locking Period||Tenure|
|ICICI Bank||11.50% - 16.75%||50k to 25 Lakhs||Up to 2.25% per annum of loan amount plus GST||Not available||5% per annum of principal outstanding plus GST||6 months||12 to 60 Months|
|Kotak Bank||11.00% - 24.00%||1Lakh to 30Lakhs||Up to 2.5% of the loan amount + GST and other applicable statutory levies||-||5% of the outstanding amount + GST on principal outstanding||12 months||12 to 48 Months|
|RBL Bank||14.00% - 20.00%||1Lakh to 20Lakhs||1.5% of the loan amount (Non Refundable fee of Rs 7500 Upfront, Rest at the time of disbursal)||NIL||NIL||12 months||12 to 60 Months|
|Yes Bank||10.75% - 16.99%||1Lakh to 25Lakhs||Up to 2.50% of the loan amount subject to a minimum of ₹999/- plus taxes||
||12 months||12 to 60 Month|
With a representative 10.75% APR based on borrowing ₹ 10 lacs repayable over 60 monthly repayments, the . monthly instalment works to ₹ 21,618.
Here are the different types of online personal loan:
There’s something that can be always done to your home and this is where an instant personal loan can help you fulfill them. From remodelling your kitchen to making your house a perfect mix of comfort and durability, a personal loan for home renovation can be the solution.
In India, a normal wedding cost ₹25 lakhs on an average! Exhausting all your savings for all the wedding expenses is not an ideal option. This is where you apply online personal loan and cover the expenses. Now, planning a wedding is now easy.
Apart from home renovation or wedding, you can get personal loan to cover your travel expenses. Since it is convenient and an economic option, it can be an open option. Moreover, of utilising the limit on your credit card, taking a personal loan can also help you save on interest costs.
Meeting working capital requirements can be a daunting process and without raising fresh funds, the everyday operations can get affected. A personal loan can be the best alternative option to meet your short-term working capital requirements to cover operating expenses such as accounts payable, etc
Top up personal loan is a facility provided by financial institutions to customers that allows you to borrow a certain amount of money over your personal loan.
The interest rate for a top up loan is slightly higher than the regular personal loan.
Did you know you can save thousands on your interest costs on a personal loan? Well, that is what a balance transfer can help you with. You can pay off your existing loan with a new loan at a lower-interest rate. Please note there is a charge associated with a personal loan balance transfer.
DreamOne is a one - stop solution for all your financial needs. In here, we try to provide you with the best services that are hassle-free and quick in nature. For personal loans, we provide you with a comparative analysis of what different banks are offering and assist you in your final decision. Here are a few reasons for you to apply for a personal loan at DreamOne: