When we don’t know much about something, it makes us nervous. A Personal Loan for the credit worthy is indeed a boon in the hour of sudden need. Most of us are quite reluctant about any kind of borrowing. Understand your Personal Loans better. Here’s all you need to know:
EMI and Tenure
EMI (Equated Monthly Instalment) and Tenure. In simple words, the amount of money you’ll be returning every month to the bank and the amount of time involved. Both the amount and tenure are flexible depending on your needs.
Variable Interest Rates
Personal loans come with very high interest rates ranging from 14% to 24%. You have the option of exploring the rates across banks and decide what’s best for you.
Processing Fee
You need to keep in mind that a processing fee and other fees that will be levied when you apply for your loan. This also varies across banks.
Prepayment Penalty
If you decide to pay off your loan before the set tenure, most banks charge a pre-payment penalty. You show know if pre-payment is an option with your bank and the charges involved as well.
CIBIL
In the case of unsecured loans, your credit history, which is recorded by CIBIL (Credit Bureau India Limited) plays a critical role in your loan application being accepted. A good repayment track record ensures not only an instant loan approval but brownie points in the form of more attractive interest rates.
This should help you a great deal. Go ahead and take a look at our offers.