Personal Loans in India

By: Meghna Arora

With the purchasing power of the Indian consumer increasing rapidly, it has only made meeting variety of expenses easier through own pocket. And, in case, still you require personal loans in India, it is available to every borrower with certain conditions. These loans are made available for any personal purpose like going to a dream vacation, helping your son get admission to a medical collage, meeting expenses towards your daughter's wedding, buying a car and so on.

Under these loans you can borrow Rs 25000 to Rs 1500000 for any purpose. But only those borrowers are approved whose repaying capability is found satisfactory and the loan amount is determined accordingly.

Almost all types of borrowers are being given Personal Loans In India once their capability to repay is ascertained. Salaried individuals can have easy access to these loans just on proving their income and employment record. Those who are self employed, the too are eligible for these loans either they are professionals or individuals.

Personal loans are offered for convenient repayment duration. The borrower can choose to repay in 12 to 48 months depending on the circumstances of the borrower and the borrowed amount.

These loans can be taken in secured or unsecured options. Interest rate will depend on personal circumstances of the borrower. For instance if past payment record of the borrower is good then the rate may be lowered. Or a loan against borrower's property comes at lower rate of interest. The borrower can choose from fixed or flexible rate keeping individual circumstances in mind.

For taking personal loans in India, the borrower is required to furnish various documents that include proof of identity, address proof, bank statements of last three months at least and latest salary slips. Lenders charge up to a maximum 2% of the loan amount as loan process fee. Usually, lenders do not charge many additional fees on these loans.

Personal Loans
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