• One-time Closure Loan : Before you intimate the financial lender that you wish to make a personal loan pre-closure, request the customer care unit to issue the repayment schedule. The repayment schedule will display the EMI payments and the outstanding balance as well. Once you know these details, use a personal loan foreclosure calculator to determine how much you would need exactly to close your personal loan.
• Two-time Closure Loan : Before you intimate the financial lender that you wish to make a personal loan pre-closure, request the customer care unit to issue the repayment schedule. The repayment schedule will display the EMI payments and the outstanding balance as well. Once you know these details, use a personal loan foreclosure calculator to determine how much you would need exactly to close your personal loan.

• No end-usage restriction

• Interest rate starting from 12.36% per annum

• Repayment tenure of up to 4 years, which may exceed on case to case basis

• Personal loans are available for periods as short as 12 months. The average tenure for a Personal Loan is between 12 and 45 months, depending on the loan amount.

• Minimal documentation

• When there is a cash crunch

• Paying for a holiday

• Debt consolidation from other loans or credit cards

• Buying high-end electronic gadgets, household appliances, wedding expenses, emergency medical expenses, home renovations, etc.

• Creating high value purchases

Online Apply Through The Bank’s Website

• Go to the bank’s website.

• Under the loans section, choose personal loans

• Click on ‘Apply Now’

• Enter the details in the application form and submit

• The bank will evaluate your application and ask you to submit the required KYC documents.

• You can apply for a personal loan online, with a bank, or any financial institution.

• The official website of most of the banks and NBFCs have the facility to apply for a personal loan with a single click.

• Your personal loan eligibility is decided based on various factors like your credit score, income, age, employment type, and a few other factors.

• If the financial institution feels that your eligibility criteria are favorable, they will approve your personal loan and disburse the amount into your account.

• Now, the personal loan amount could be disbursed as cash into your account or the lender may provide you with a pre-loaded card that can be used for your purchases.