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Personal Loan
A personal loan is an unsecured term loan provided by the bank that an individual can use as per his/her personal need. A personal loan unlike a home or car loan do not require lock in of any collateral by the applicant.
Why choose Personal Loan?
Attractive Interest Rate
Avail Loan Amount at an attracive interest rate
Quick Approvals
Get Instant Funds with Quick Approval
No Hidden Charges
Enjoy Full Transparency with No Hidden Charges
Zero Pre-payment Charges
Conveniently Close Loan with Zero Pre-payment Charges
No Guarantor/ Collateral
Secure personal loan without the need to pledge collateral
Top-up Option
Maximize Your Borrowing Power with a Top-Up Loan Option
Personal Loan interest rate & applicable charges
| Type of fee | Applicable Charges |
|---|---|
| Interest Rate | 10.90% p.a. onwards |
| Laon Amount | Starting from Rs. 50,000 onwards |
| Loan Tenure | Up to 7 years* |
| Processing Fee | 0% - 3% of the loan amount + GST |
Personal Loan Eligibility Criteria
To apply for a Personal Loan, you must be
- Over 20 years old and a resident of India
- Salaried individual, having a regular monthly income.
- Having a good bureau score
- Having a Salary Account with any of the banks in India
Ways a Personal Loan Can Be Useful
- Debt consolidation: Combining multiple debts like Personal Loans and Cards outstanding into a single loan with a lower rate of interest to save money on interest payments and make it easier to manage debts.
- Home renovation: Using a personal loan to fund home renovation projects can increase the value of your home and improve your living conditions.
- Medical expenses: If you have unexpected medical expenses, such as emergency surgery or hospitalization, a personal loan can help cover the costs.
- Moving costs: A personal loan can cover the costs of moving, including hiring a moving company, renting a truck, purchasing packing supplies, and making a smooth transition to your new home.
- Emergency expenses: A personal loan can help cover unexpected expenses like medical emergencies or car repairs to avoid financial hardship.
- Vacation/traveling costs: Using a personal loan for a vacation or travel expenses can spread the cost of a trip over time and avoid using high-interest credit cards, but it’s important to manage the debt wisely.
- Education costs: If you’re considering going back to studies or doing a professional course or need to pay for kid’s educational expenses, such as tuition or textbooks, a personal loan can help.
- Business expenses: If you’re an entrepreneur or small business owner, taking a personal loan can help you finance your business expenses, such as inventory or equipment.
FAQs
1. How does a Personal Loan work?
To avail of the Personal Loan, all you need to do is submit the loan application form.On meeting the eligibility critieria, you will get an offer with the sanctioned amount, tenure of loan and interest rate.Once you accept the offer, funds are transferred to your bank account instantly.
2. What is the highest loan amount I can get?
Personal Loan is offered upto ₹40 Lakh. However, basis the loan requirement, one can avail upto ₹75 Lakh subject to eligibility norms.
3. What is the CIBIL Score required to get a loan?
A CIBIL score above 720 is considered good for sanctioning of Personal Loan.
4. Do I need to provide any security or collateral to apply for a Personal Loan?
You don’t need to provide any security, collateral or guarantor to obtain a Personal Loan from Lokmanya.
5. How is Personal Loan processing fee calculated?
A Society has to incur some costs while processing and sanctioning of loan and hence the processing fee is charged accordingly.