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Personal Loan

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Personal Loan

What is a Personal Loan?

Need money for a holiday, child's education, home renovation or any reason whatsoever? That's when a personal loan comes in handy. Popular among most borrowers for the ease of processing and features such as no guarantor, security or end-use monitoring.

There is no point in applying for a personal loan if it takes time to get disbursed. In reality, obtaining a personal loan can be a frustrating experience. Which bank do you go to? What's the best rate of interest? Is there a processing fee? Complicated and long forms to fill. At Saral Credit, we believe that taking a personal loan should be very simple and hassle free. Just apply on our quick form and leave the rest to our trusted personal loan advisors. It's really Saral!

What are the documents required to apply for a Personal Loan?

A personal loan requires very minimal documentation. Borrowers must submit the following documents:

There are some online personal loan providers who use alternate data to waive some of the documents mentioned above.

Illustrations On Personal Loan

Consider a salaried customer avails a Personal Loan of ₹1 Lakh at an interest rate of 14%. The lenders also charge a processing fee, that needs to be paid to get the loan processed and is usually 0-4% of the loan amount. Consider the processing fee to be ₹2250 for a tenure of 60 months. Then, the total interest payable is ₹39,609 and total amount payable is ₹1,41,859. The EMI will be ₹2,326 per month.

Personal Loan EMI Calculator

How is personal loan EMI calculated? What are the factors that influence the EMI? A personal loan EMI calculator is an online tool to calculate the EMI amount you have to pay every month until the repayment tenure. The personal loan EMI Calculator includes three components: loan amount, personal loan interest rate, and personal loan tenure. The EMI calculator is useful in determining what amount you must pay monthly for the required loan amount. It helps you understand whether you can afford the personal loan EMI without affecting your monthly budget.

Personal Loan Features

Interest Rate
Interest Rate

11% to 30%

Processing Fees
Processing Fees

1% to 4% of loan

Loan Tenure
Loan Tenure

Up to 7 years

Pre-Closure Charges
End-use Tracking

Loan for any purpose

Why Choose Saral Credit

Simple Application Process

1. Just fill up a simple form

2. Validate your details

3. Click on Submit button

Experienced Advisors

1. Wide range of options

2. Customised loan solutions

3. Best deal on your loan

Instant Processing

1. Priority processing by lender

2. Timely Feedback on your application


Uses of a Personal Loan

One of the defining characteristics of a personal loan is that these are 'any purpose' loans. The proceeds from a personal loan, unlike a home loan or a car loan, can be used for any purpose. The most common uses of a Personal Loan are debt consolidation loans, home renovation, tackling emergencies, manging wedding costs, vacations, kids’ education etc

Processing Time for a Personal Loan

People normally opt for personal loans when they need money in a hurry. It could be a family emergency, a health crisis, money for a holiday or any other unforeseen circumstance. In reality, the processing time of a personal loan is between 7 days and 12 days from the time your application is 'logged-in' to when it is disbursed by the lender. This is even more so, if there are some credit related approvals to be obtained (deviations from lender's standard policy). In such cases, the processing time could be much higher. Such deviations are common-place. Online Personal Loans are supposed to be faster but they have yet to acquire much scale in comparison to traditional banks and NBFCs.

Personal Loan Eligibility Calculator

Multiple factors are considered to calculate your personal loan eligibility. These are

  1. Age: Your age must be in the band of 21-60.
  2. Type of Corporate that you work in
  3. Net take Home: Your chances of obtaining a personal loan are the highest if you have a high net take home.
  4. Geographical Location: Your location matters when applying for quick loan approval. For example, a personal in Bangalore may be easier than a personal loan in a remote part of the country simply because of the multiple choices for personal loans in metro locations.
  5. Debt Burden Ratio: The debt burden ratio is defined as the sum off all EMIs divided by a person's net take home. Your net take home in combination with your debt burden ratio are the top two important factors which determine how much your personal loan eligibility will be.
  6. CIBIL Score: Your CIBIL score matters a lot and is the base parameter for checking your personal loan approval. A personal loan for low CIBIL score is difficult to obtain and these are often associated with higher interest rates.
  7. Inquiries on your CIBIL report: Now, this is something that you need to be careful about. Applying for personal loans from multiple lenders will make them consider you as 'credit hungry,' leading to a loan reject. So, make sure that you apply responsibly and don't overdo the loan applications from multiple lenders. Click this link for a free CIBIL score check.

Personal Loan FAQ

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