A personal loan is a loan that does not require collateral or security and is offered with minimal documentation. Instead, lenders rely on the borrower's credit history and income to determine whether to approve the loan.
Personal loans are typically issued for a fixed amount and have a set repayment term, often ranging from 1-7 years. The borrower receives the loan amount upfront and then repays the loan in installments over the term of the loan. The payments typically include both principal (the amount borrowed) and interest (the cost of borrowing the money).
Personal loans can be used for a variety of purposes, such as consolidating high-interest debt, making a large purchase, or funding a home improvement project. They often come with lower interest rates than credit cards, making them a more affordable way to borrow money.
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Banks and NBFCs usually offer personal loans for amounts ranging from Rs 10,000 to Rs 40 lakh. However, the personal loan amount you are eligible for would primarily depend on your loan repayment capacity.
A term loan is generally extended by a lender for a period with an agreed-upon repayment schedule subject to a fixed interest rate. Flexi personal loans allow you the flexibility to withdraw the amount you need from your approved loan limit, as many times you want, and as and when a need arises.
Though RBI mandates no prepayment/foreclosure charges for floating interest rate loans, personal loans or others with fixed interest rates are exempted from this rule. Banks charge anywhere between 4-5% of the outstanding loan amount as prepayment charges on personal loans.
Keep in mind that the specific requirements and processes for availing of a personal loan may vary depending on the lender and the type of loan you are applying for. It's always a good idea to speak with a lender directly to get a clear understanding of what you need to do to apply for a personal loan.
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