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Home >> Credit Loans FAQs >> Personal Loan FAQs
Personal Loan FAQs
What is the exact meaning of Personal loan?
As such, there is no exact meaning of Personal loan, which is offered in most cases without any kind of security like a car, home, shares etc.
What is the interest rate of personal loan?
The interest rate of personal loans offered by different bank differs. It varies between 20% to 30% or even more than that.
What is the possible re-payment period?
It may be 12 months to 60 months or in some banks it may be more.
What are the eligibility conditions for getting personal loans?
The minimum eligibility of age, employment and salary of the loan takers differs from bank to bank. But, generally Salaried individuals, Self-employed professionals, Self-employed non-professional or any salaried individual /self-employed professional is eligible for a loan and the amount of loan eligibility will differ, based on the person's current earnings.
Is a guarantor required for getting a personal loan?
This again is the sole requirement of the individual banks that offer the loan.
What is the difference between a personal loan & credit card?
Unlike loans against credit card, in a personal loan it is necessary for the borrower to draw out the entire loan and the loan is repaid by way of fixed monthly installments. In the case of a card, the interest is charged based on the amount utilized only.
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