Personal loans in Hyderabad made easy.

Frequently Asked Questions

1) What is Personal Loan?

• A personal loan is nothing but borrowing money for personal purposes, by paying interest for the amount of money borrowed and has to be repaid over a particular period. The interest of the personal loan will be stable throughout the loan period, but for some instances, it may vary. Personal loans can be taken by the choice of an individual and the loans are unsecured without any security vow or collateral while utilizing the loan. Personal loans are flexible and can also be taken jointly with a member of a family or friend.

2) What purpose Personal Loans can solve?

• A personal loan solves many purposes of an individual. The purpose might be an immediate medical emergency, home renovations, paying the bills of credit card or any other, for purchasing large or bulky items, moving cost from one place to the other, even for financing the weddings or planning a big trip.

3) Who is eligible for personal loans?

• A personal loan can be taken by an individual of age 21 years and maximum up to 60 years if salaried or 65 years if self-employed. The age eligibility differs from bank-to-bank. Even some banks request for the work experience of a person to assure the eligibility for the loan. The monthly income of the individual should be 15,000 and above.

4) Documents required for personal loans

• Documents to get a personal loan also depends upon the bank you are requesting.
• To get a personal loan, the following documents are mandatory to submit.
• An ID Proof of Aadhar card or passport or voter ID or Driving license or any other
• Bank statements of the past 6 months and an updated passbook
• Proof of residence by submitting the postpaid utility bills or Aadhar or Voter with address proof.
• Past 3 months salary slips and Income tax returns if Salaried
• For self-employed, Balance sheet with profit and loss accounts and income of the past 2 years
• Business proof, like registration certification or service tax registration or any other
• Income Tax Returns of past years.
• In some cases, details of assets and liabilities of the applicant.

5)Do personal loans require any security?

• A personal loan doesn’t require any security. It can be secretive between the applicant and the lender or the bank. There won’t be any necessity for collateral in a personal loan and depends on the applicant.

6)What are the interest charges on personal loans?

• The interest rates of personal loans depend on the bank and the lender. The cheapest interest rates start from 2.49% and the highest interest rates would be 24.03% from 12 to 72 months.

7) What are charges for pre-closure charges for any personal loan?

• The Pre-Closure Charges will depend on the individual banks and the months of paying interest and loans. The pre-closure amount is the compensation of interest amount loss by the bank or lender.

8) Can I cancel the application after the approval? what are the charges?

• If the applicant wishes to cancel the approved loan, then a cancellation fee depending upon the policy of the bank or the lender will be charged. Mostly some banks have standard charges of rate 3,000+18% GST if a loan gets canceled.

9) What are the benefits of a personal loan?

• A personal loan is very flexible and its easy installment payments make it more reliable than any other loan. Benefits of personal loans include No collateral, Low-interest rates, Quick and easy funds, Less process for approval of the loan, Fewer Documents, can choose the Tenure and EMI’s based on it and many more.

10) What is the maximum amount I can get on a personal loan?

• The maximum amount of personal loans often depends on the income of the applicant. The maximum standard amount would be 25 Lakh for an individual, offered by most banks. The amount of loan also varies based on the salaried and self-employed.

11) How to know EMI Details of a personal loan?

• The applicant can calculate the amount of the personal loan and can acquire the EMI details. The EMI of any personal loan will be the total amount plus interest paid on their loan. EMI is paid every month and it is stable all over the tenure of the loan.

12) How to change the EMI Due date of a personal loan?

• Applicants can change the EMI Due date of their loan, by visiting the bank or lender and request to change the date. Some lenders will charge for changing the EMI Due date by a fee of interest.

13) How to repay a personal loan?

• There are many ways possible to repay a personal loan. They are, by reducing the tenure of loan when salary increases, paying the loan from savings of applicant, despite paying regular EMI’s paying extra payment to close the loan early, and foreclosure- paying total amount before the loan tenure comes to an end.

14) How to pay an overdue amount of EMI of a personal loan?

• The overdue amount of EMI of a personal loan can be paid either online or by visiting the bank or the lender. Applicants can log in into their bank’s app and tap on Loans and look for the option Pay overdue, select the bank account and enter the security code sent to their device and the amount will be credited within 2 or 3 business days.

15) Is the personal loan interest rate flat or reducing?

• A personal loan interest rate is flat, means which is stable throughout the tenure of the loan, and it is calculated at the beginning of the loan tenure.

16) Can I transfer a personal loan from one bank to another bank?

• Yes, applicants can transfer their loan from one bank to another bank and can switch to low-interest rates by transfer facility.

17) How to check personal loan status?

• Applicants have to visit the bank website and check for the option of Check Loan Status after that by entering the mentioned details like Email, date of birth, and other details used in the application for the loan and can acquire the status of the loan.

18) Is a personal loan or a credit card better for traveling?

• When planning for a long once-in-a-lifetime adventurous trip, then borrowing a huge amount from a personal loan would be great.

19) How avail a personal loan for a home renovation?

• The applicant can avail of a personal loan for home renovation either online or by visiting the bank or lender. Fill in the required details to acquire a personal loan and select the tenure and amount required and submit the documents.

20) How can you get the best deal on personal loans?

• To get the best deal on a personal loan, the applicant’s credit score has to be high. To maintain a good and high credit score, the person has to pay their bills, loans, and other payments often.

21) Tips to get your loan approved

• The most effective tips to get the personal loan approved will be, Maintain a good credit score, Good bank balance, Provide a source of income, submit essential and extra documents for reliability, good relationship with the lender, and applying online will make it quick.

22) CIBIL Score and personal loan.

• CIBIL Score is directly proportional to personal loan approval. Maintain a good credit score, which helps the approval for a personal loan fast. A personal loan might affect the credit score, but by paying regularly at times will set it back on track.