FAQ

Frequently Asked Questions (FAQs)

What is a personal loan, and how does it work?

A personal loan is an unsecured loan that can be used for various financial needs, such as medical expenses, travel, or debt consolidation. It is repaid in fixed monthly installments over a set tenure.

 

What are the eligibility criteria for a personal loan?

Eligibility depends on factors like age, income, employment type, credit score, and repayment history. Most lenders require a minimum monthly income and a good credit score.

 

How can I apply for a personal loan online?

You can apply for a personal loan online by filling out an application form, submitting necessary documents (such as ID proof, income proof, and address proof), and waiting for loan approval.

 

What is the minimum and maximum loan amount I can get?

The loan amount varies based on the lender and your eligibility. Typically, personal loans range from ₹50,000 to ₹50 lakhs, depending on income and creditworthiness.

 

How long does it take to get a personal loan approved?

Many lenders offer instant approvals within minutes, while traditional banks may take 24-72 hours. Loan disbursal depends on document verification and lender processing time.

 

What factors affect my personal loan interest rate?

Your interest rate depends on your credit score, loan amount, repayment tenure, income level, and the lender’s policies. A higher credit score usually results in lower interest rates.