Question 1

What is the minimum and maximum personal loan amount I can get?

Accepted Answer

Personal loans in India typically range from ₹50,000 to ₹50 lakhs. The exact amount depends on your income, credit score, existing liabilities, and the bank's policy. Higher income and better credit scores qualify for larger loan amounts.

Question 2

What is the interest rate for personal loans in India?

Accepted Answer

Personal loan interest rates range from 10.5% to 24% per annum, depending on your credit score, income, employment type, and lender. Salaried employees from reputed companies get lower rates (10.5-14%), while self-employed may get 15-20% rates.

Question 3

How much salary is required for a personal loan?

Accepted Answer

Most banks require a minimum monthly salary of ₹15,000-₹25,000 for a personal loan. Premium banks like HDFC or ICICI may require ₹25,000+. Higher income increases your loan eligibility amount.

Question 4

Can I get a personal loan with a low credit score?

Accepted Answer

It's difficult but possible. Scores below 650 may face rejections from major banks. Consider: applying with a co-applicant, showing additional income sources, applying to NBFCs who are more flexible, or taking a smaller loan amount. Scores above 750 get best rates and quick approval.

Question 5

What documents are needed for personal loan approval?

Accepted Answer

Required documents: PAN card, Aadhaar card, salary slips (last 3-6 months), bank statements (last 6 months), employment proof, passport photos. Self-employed need: ITR for 2 years, business proof, GST registration, and profit & loss statements.

Question 6

How quickly can I get a personal loan?

Accepted Answer

Pre-approved customers can get instant disbursal within 5-30 minutes. New applicants take 24-48 hours for approval and 3-5 days for disbursal. Full documentation and verification may take 5-7 working days for final disbursal.

Question 7

Can I prepay my personal loan without penalty?

Accepted Answer

Most banks allow part-prepayment and foreclosure without charges on floating rate personal loans. Fixed rate loans may have 2-5% prepayment penalty. Always check your loan agreement. Prepaying saves interest but ensure no prepayment charges apply.

Question 8

What is the maximum tenure for a personal loan?

Accepted Answer

Personal loan tenure typically ranges from 12 months to 60 months (5 years). Some banks offer up to 84 months (7 years). Longer tenure means lower EMI but higher total interest. Choose the shortest tenure you can afford for lower interest costs.

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