What will be the maximum tenure period for Personal Loan?
Various Private, Government Banks & NBFC’s offer this facility for competitive rates with tenure period for repayment ranging from 12 months to 60 months.
| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | Forclosure Charge | |
|---|---|---|---|---|---|---|
|
12.00%
|
2%
|
25
|
60
|
4%
|
|
|
10.50%
|
2%
|
40
|
60
|
4%
|
|
|
10.25%
|
2%
|
40
|
60
|
4%
|
|
|
10.50%
|
2%
|
40
|
60
|
4%
|
|
.png)
|
10.75%
|
2%
|
40
|
60
|
4%
|
|
|
14.00%
|
2%
|
20
|
60
|
4%
|
|
|
12.00%
|
2%
|
50
|
60
|
4%
|
|
|
12.50%
|
2%
|
10
|
60
|
4%
|
|
|
20.00%
|
4%
|
5
|
60
|
4%
|
|
|
14.50%
|
2%
|
20
|
60
|
4%
|
|
|
12.50%
|
2%
|
20
|
60
|
4%
|
|
|
10.50%
|
2%
|
40
|
60
|
4%
|
|
|
10.50%
|
2%
|
40
|
60
|
4%
|
|
|
20.00%
|
4%
|
40
|
60
|
4%
|
|
| Bank Name | Min Interest Rate | |
|---|---|---|
|
|
12.00% |
|
|
|
10.50% |
|
|
|
10.25% |
|
|
|
10.50% |
|
|
|
10.75% |
|
|
|
14.00% |
|
|
|
12.00% |
|
|
|
12.50% |
|
|
|
20.00% |
|
|
|
14.50% |
|
|
|
12.50% |
|
|
|
10.50% |
|
|
|
10.50% |
|
|
|
20.00% |
|
Personal Loan is a kind of unsecured loan which can be opted to various reason, you can avail up to 25 lakh with minimal documentation. You just need to ensure that you meet eligibility requirements.
Generally, Personal Loan Eligibility Criteria depends on various factors like age of individual, monthly salary or business income, total work experience & CIBIL Score ..etc..
Note: - Maximum Loan Amount of Salaried Individual & Self- Employed Individual can avail up to 40 lakh.
There are few factors that generally affects Personal Loan Eligibility Criteria as given below: -
Income: - Firstly, Lenders check your Income to determine whether you are eligible to get personal loan or not, if you are getting higher income & you will get higher loan amount too.
Applicant Age: - Thirdly, Lenders see’s your age to calculate the tenure period. Generally, a longer tenure period will save your money on EMI, this results in non- default in repayment.
Monthly Income: - Secondly, Lenders want to know you Monthly Income, if you are a Salaried Individual your minimum income per must be 25000/- or if you are a Self-Employed your business minimum annual turnover must be 15 lakhs.
To increase Personal Loan eligibility, you need to consider few points as given below, this will aid you in increasing your eligibility level.
Try to keep Good CIBIL Score: - As you know CIBIL Score matters a lot while checking your eligibility criteria, a good CIBIL Score will 100% help you increasing chances of eligibility on loan which should be above 750 while bad CIBIL Score will not help you in getting a loan. Do proper transaction maintain, avoid late payment, never have multiple credit card by this following you will increase personal loan eligibility criteria approval.
Add Extra possible Income: - Lenders checks your income to examine how strong is your repayment capacity is, so, if you add extra possible income. It would signify as higher repayment capacity. Therefore, your chances of eligibility criteria will be increased.
Open account with preferred lender earlier: - If you are planning to avail loan, make a comparison among various banks & NBFC’s check which bank eligibility criteria meet with your needs & once chosen, start building a relationship with lender by opening account with that bank as early as possible this will increase your eligibility.
What will be the maximum tenure period for Personal Loan?
Various Private, Government Banks & NBFC’s offer this facility for competitive rates with tenure period for repayment ranging from 12 months to 60 months.
Why to choose Financeseva for Personal Loan?
Financeseva offers you a wide range of benefits as given below :-
Which Bank is best for Personal Loan?
Availing loan from top Private & Government Bank cost low Interest Rates, but if you are looking for lowest rates then you must opt for SBI Personal Loan.
What will be the necessary documents required to apply?
You will be required to attach a copy of latest 3 months statement, latest 3 months salary slip, personal identity proof & address proof are the key necessary documents.
How to get a Personal Loan?
There are various lender offering loan where some have the online facility which help you to get loan sitting where you are at itself, just required few details to fill up & submit by online or offline like your personal information, occupation & income.
What is a Personal Loan?
This type of loan comes under unsecured category as it won’t need to pledge any Collateral/Assets to get a loan. Based on your income stability these loans are funded by Banks & NBFC’s.
How to apply for a Personal Loan?
Before applying for loan, make sure you meet the eligibility criteria to avoid any kind of loan rejection & affects on credit score. Compare deals from various lenders to choose your perfect partner & fill the query box to get a call back from customer representatives.
How much Personal Loan can I get ?
Loan amount approval for an applicant is totally based on income they generate whether as a salaried or self-employed person. Lenders check your income whether you are capable to pay 40% -50% of income as a monthly EMI.As much as the income is that much higher amount will be provided but the maximum limit will be 25 lakh.
How much Cibil Score required for Personal Loan?
Generally, a good Cibil Score help you to get better loan offer with negotiating rates. For getting personal funds you must have 700 above credit score.
Is it possible to get Personal Loan at low Cibil Score?
Low cibil ranging from 300 – 700 knowns as bad credit history which creates blockage to access funds, but still there might be chances of getting loan if your repayment capacity seems higher.
Want to get financial service? Advise by CA Vikas Jain
CA Vikas Jain - Chief Advisor
Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...
Read MoreCA Vikas Jain - Chief Advisor
Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...
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