Instant Approval For Personal Loan

Most banks/financial institutions allow borrowers to choose a loan tenure between 1 year and 5 years, based on their convenience.

While the exact documents required vary from lender to lender, listed below are a few general documents that most banks/financial institutions usually require applicants to submit:

• Proof of identity
• Address proof
• Proof of income
• Pan Card
• Any other documents requested by the lender

A few things that you should consider when applying for a personal loan are as follows:

• Interest Rates: The interest rate charged for a personal loan can go from as low as 3% p.a. to as high as 4% p.a., based on the lender’s terms and conditions and your credit score. The interest rate makes a substantial difference to the cumulative cost of the loan.
• Repayment Flexibility: Make sure to check if the lender allows part-payments or pre-payments and if there is any penalty levied for making the payment.
• Processing Fee: Even if you are offered a low interest rate, a high processing fee could bump up the cost of your loan.
• Customer Service: Ensure that the lender has sufficient customer care channels for you to reach them on. Your loan provider should also answer your queries in a prompt manner.
• Any other documents requested by the lender

Yes. In addition to the interest payable on the principal amount, there is an additional non-refundable charge that needs to be paid when applying for a personal loan. Processing fees, which are usually 1%-2% of the loan principal, are charged by the lender to take care of any paperwork that needs to be processed as part of the personal loan application process. This charge may be waived by your lender in case you have a long term association with the lender.