An unsecured loan is called a Personal loan. This implies that you don’t have to give any security, as with a car loan or a home loan, where the underlying asset is mortgaged with the bank. Normally, the bank does not ask for guarantors either. More advantages: minimum documentation and speedy clearance (within three to seven days of applying). And there is no monitoring of ‘end use’ — you can use the loan for any purpose you like.
Loan eligibility depends upon various factors which differ from banks to banks. The main factor, of course, is your ability to repay the loan. Also your profile, in terms of residence and the place you work in also matters. Do make sure to check all such other eligibilities before applying.
Apart from the rate of interest banks also do charge some fees which are of Usually two types. Once when you are applying for the loan and once when you are preclosing the loan. The fees when charged at the time of processing called Processing Fees vary from 2-3% of the loan amount. This could be reduced if you have the ability of bargaining. the second charge is the prepayment penalty paid at the time of preclosure. This too varies from 2 –3 %. Similar to processing charges, you can also try to get this fee reduced.
Yes. Personal Loans can be applied jointly with a co-applicant (either be your spouse or your parents). This helps you to increase your income eligibility and you can also avail for a larger amount of loan if you want to, as your co-applicants income also gets added to your income, and that total is taken into consideration for calculating the loan amount you will be eligible for.
Depends on the bank/NBFC. Certain nationalized banks do allow fore-closure of personal loans. If that’s one of your primary criteria, we can work along those lines and get it done.
A business loan is a 1-3 year unsecured loan provided by banks, NBFCs (Non-Banking Finance Companies), or P2P lending platforms that do not require any collateral, guarantor, or asset hypothecation. This form of financing is available to sole proprietorships, partnerships, private limited companies, and public limited companies. A business loan is used at the borrower’s discretion and can be used for working capital, meeting short-term cash flow needs, investing in plant and equipment, and so on.
Some banks, such as Bajaj Finserv, accept partial payments. However, there could be limitations on how many times you can part pay in a year, as well as the minimum and maximum amounts you may part pay. Please, once again, ask our or the bank’s loan advisor for clarity on any of these factors before signing the loan document.
Loan amount x Interest/12) x [(1+ interest rate/12)^loan tenure in number of months] / ([(1+ interest rate/12) ^ loan tenure in number of months]-1
A good deal is described as anything between 13 (percentage) and 20 (percentage).
It should be repaid in EMIs (Equated Monthly Installments), which can be accomplished by standing orders or a post-dated cheque.
Chickly number one concern is their clients. For our customers, we have a strict privacy policy. Your personal and financial information is kept private. You do not need to be concerned with any of your knowledge being shared with someone else.
Yes, prepayments and part-payments are permitted for Instant Loan, but there are restrictions.
