Personal Loans are the loans that are offered to eligble people who have reasonable pay from the listed companies. Personal loans are usually provided by Banks and NBFC's (Non Banking Financial Company). Specifically loans are distributed without any collateral security, simply there is no risk on your own property.
In general personal loans are taken to stabilize people living standard such as marriages, tours, investment etc.,
Bank's offer personal loans without any security deposits or documents of property you owned. Interest rate of every individual banks varies according to their standards. Rate of interest is usually lesser when comparing with other loans such as mortgage loans, home loans and etc.,
EMI options creates flexibility in repaying the amount lend through bank's. Usually repay option can be extended from 2 to 5 years of time periods. EMI option can be set at the time of getting or applying personal loans.
Nowadays, personal loans are available between the range of 1,00,000 to 15,00,000/-
Personal loans are eligible for the person who employed in a company for monthly income. Also, you are eligible for personal if you are self employed professional/ Business Man. Loan amount will usually varies based on the amount you are earning currently.
Processing charges are not fixed and it differ from bank to bank it usually starts from 2%. Repayment option is upto once own wish either you can pay the EMI through cheques, Net banking or cash. Once your loan amount is approved by banks, loan amount is directly credited to your bank account or it is been given as a cheque. Loan processing will be done with seven working days. If you fails to get the details about your request from bank or dealers. But, We chennai personal loan it is not a problem we will let you know the status to your mobile.