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!
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.
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.
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.
11% to 30%
1% to 4% of loan
Up to 7 years
Loan for any purpose
1. Just fill up a simple form
2. Validate your details
3. Click on Submit button
1. Wide range of options
2. Customised loan solutions
3. Best deal on your loan
1. Priority processing by lender
2. Timely Feedback on your application
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
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.
Multiple factors are considered to calculate your personal loan eligibility. These are