Personal Loan

• Loans for salaried & Self Employed individuals
• Special Loans for Doctors, Chartered Accountants, Engineers, Architects, CS & ICWA
• Loans are available from Rs. 20000 to Rs. 20 lakhs for any purpose depending on your requirement
• Flexible repayment options, ranging from 12 to 60 months
• Hassle free loans- No Security/Guarantor/Collateral required
• Repay with easy EMIs
• One of the lowest interest rates
• A balance transfer facility available for those who want to retire any higher cost debt
• Loans available against repayment track record of any existing Auto, Personal or Home loan
• Loans available against proof of Life Insurance Policy / Premium receipts
• Simple procedure, minimal documentation & quick approval

Why Personal loans?

Dreams, needs and wants come as a part and parcel of every individual. A wedding in the family. Maybe your house needs renovation You want to go for a vacation, but then you don’t have enough money to reach your dream destination. Gift your wife a beautiful gold pendant, pay for your children’s higher education, or send your parents on a much-needed holiday. You want to buy a DVD Player and you have to save for months to get it. You might have just utilized all your savings in buying a new house and now there is nothing left for furnishing it.

Only if you had Aladdin’s genie to fulfill these wishes, or somebody who could help you out. Approaching lenders becomes tedious and expensive due to high interest rates and loads of paper work. In addition, you also have to provide them with some kind of security. Once done, you now wait for days to get the loan.

Personal loans are often referred to as all purpose loans, they are ideal when you have to buy a product for which you do not have ready liquidity. In fact, before you consider taking a consumer durable loan you might consider a personal loan instead, as the procedure is slightly longer but the rate of interest is lower.

Personal Loans alleviate most of the hassles that come with conventional loans - paper work, delay in sanctioning and disbursement, necessity of a guarantor and more importantly hypothecation of the asset financed.

No Security/Guarantor Required

The most attractive feature of the personal loan is that you do not have to give any kind of security to avail this loan. No physical security or hypothecation of assets is required. You don't have to mortgage any property or arrange for insurance of the asset There are no guarantors required, thereby saving you the embarrassment and anxiety of asking friends or relatives.

Others Dnt Get to Know

You don't have to provide any Company or Corporate Guarantee, which means that your colleagues don't need to know you are applying for loan, thereby keeping intact your social status. Personal Loan allows you total confidentiality.

Easy Repayment

Personal Loans are repayable in equal monthly installments, or EMIs as they are popularly called. The EMI facility ensures that you are not burdened to pay up a huge amount at one go. The repayment is spread over the tenure opted by you (12 months to 60 months) thereby allowing you greater flexibility to pay as you please. Banks also provide you with the option to prepay the loan before the termination of the opted tenure. By paying EMIs you have an advantage of paying the big amount in small installments.

Personal loans dont come cheap

Personal Loans do not require any security or hypothecation of assets. Thus according to the banking industry, the differential between an asset backed loan and an unsecured loan is a minimum of 5% to cover the additional risk the lending institution is exposed to. This leads to a high rate of interest of 21% compared to any other secured loan of 16%.