Apply for Personal Loan
Why Choose a Personal Loan?
• A monetary aid for the renovation of your house
• To plan and spend holidays with the family
• Instant Approval on your Application
A personal loan is a short to medium term unsecured loan (no collateral) that you can use to meet current financial needs. Though most commonly used to meet expenses related to debt restructuring, vacations, unexpected medical expenses and down payments, a personal loan may be used for practically any type of expense. If one looks at the benefits of personal loans, one can start with the fact that the tenure of a personal loan is shorter as compared to a mortgage. Unlike mortgage, which is for ten, twenty, perhaps thirty years, a personal loan is commonly for between one and five years.
Know your APR (Annual Percentage Rate) i.e. How much the loan would cost in interest per year. Personal Loan Interest rates can range from 11.29% to 35% depending upon the individual applicant profile and the lender. Suppose you take a personal loan of Rs 5 lakhs for 3 years at an interest rate of 11.50%. Then, your EMI amount will be Rs 16,488, while you will make a total payment of Rs 5,93,568 over the 3 years. The processing fees on personal loans are usually charged as a percentage between 1% and 6.5% of the loan amount. So, in this case, your processing fee could vary from Rs 5,000 to Rs 32,500. For more details click on the comparison tab.
Before you apply for a personal loan, it is important that you have a budget in mind as well as an EMI amount that you are comfortable with. The EMI calculation helps you ensure that your monthly budget is not stretched and you minimize the chances of default on your personal loan. Use the Paisabazaar Personal Loan EMI calculator to get the EMI amount based on your inputs such as loan amount, interest rate and loan tenure.