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CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration. CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration, CBIC chief Vivek Johri said.

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personal loan

A personal loan is a type of unsecured loan that is offered by banks, non-banking financial companies (NBFCs), and other financial institutions in India. Personal loans are provided to individuals who need funds for a variety of purposes such as wedding expenses, home renovation, medical emergencies, travel, education, or any other personal expense. Personal loans are easy to obtain and are usually disbursed quickly, making them a popular choice for many individuals in India.

Key Features of Personal Loans
  1. Unsecured loan: Personal loans are unsecured loans, which means that you don’t need to provide any collateral to avail them. This makes it easier for individuals who don’t have any assets to avail of a loan.
  1. Loan amount: The loan amount for a personal loan can vary from as low as Rs. 10,000 to as high as Rs. 50 lakhs, depending on the lender and your eligibility.
  1. Interest rates: Personal loan interest rates in India are usually higher than secured loans because they are unsecured. The interest rates can vary from 10% to 24%, depending on the lender, the loan amount, and your credit score.
  1. Repayment tenure: The repayment tenure for personal loans can vary from 1 year to 5 years, depending on the lender and the loan amount.
  1. Eligibility criteria: To be eligible for a personal loan, you need to be a resident of India and have a regular source of income. Lenders also consider your credit score, employment history, and other factors when assessing your eligibility.
  1. Application process: You can apply for a personal loan online or offline. The online application process is usually faster and more convenient, as you can apply from the comfort of your home.
  1. Documentation: You will need to provide documents such as identity proof, address proof, income proof, and bank statements to apply for a personal loan.
  1. Disbursement: Once your loan application is approved, the loan amount will be disbursed to your bank account. The disbursal time can vary from a few hours to a few days, depending on the lender and the loan amount.
  1. Prepayment charges: Some lenders may charge a prepayment penalty if you want to repay your loan before the end of the tenure. It is important to check the prepayment charges before availing of a personal loan.
Conclusion

Personal loans in India are a popular choice for individuals who need funds for personal expenses. They are easy to obtain and offer flexible repayment options. However, it is important to compare different lenders and their interest rates before availing of a personal loan. Additionally, it is important to repay your loan on time to avoid late payment fees and penalties, which can negatively impact your credit score.

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