A Personal loan is unsecured form of loan that can be used for multiple purposes such as for travelling, education, purchase, home renovation, for marriage, in case of medical emergencies, for business purpose or any other household expenditures.
Interest Rate Range: 10.99% to 21% (Per Year).
Repayment Period: Minimum of 1 Year to maximum of 5 Years.
Processing Fee : 1%-3% of the loan amount + Service Tax.
Representative Example:, if you take a loan of Rs. 1 lakh at the rate of 16% with repayment tenure of 3 years, your EMI will be Rs 3,516. The total payable amount at the end of 3 years would be Rs 1,26,565. Therefore, you are paying total interest amount to the tune of Rs 26,565. This, however, excludes other applicable charges which are documentation charges and processing charges: