4 hrs ago

Personal Loans: Eligibility, Interest Rates, EMIs and Repayment Guide

Personal Loan Guide: Eligibility, Interest Rates, EMI, Documents and Repayment · livemint.com

A personal loan lets you borrow money without pledging an asset as security.

You receive the money at once and repay it in monthly instalments called EMIs.

People may use these loans for medical costs, education, travel, weddings, home renovation, or debt consolidation.

Bajaj Finance says eligible applicants can seek loans from Rs.

40,000 to Rs.

55 lakh.

The repayment period can range from 12 to 108 months, depending on the applicable terms.

Interest rates affect how much the loan costs overall.

A longer repayment period can make each EMI smaller but may increase the total interest paid.

Before applying, borrowers should compare the total repayment cost with their income and existing commitments.

Key facts

Loan type: Unsecured loan; collateral is not required.
Loan amount: Rs. 40,000 to Rs. 55 lakh, subject to eligibility and applicable terms.
Repayment tenure: 12 months to 108 months, as applicable.
Interest rate: 10% to 30.5% per annum, subject to applicable terms.
Stated eligibility: Indian nationality; age 21 to 80 years; public, private, or MNC employment; salaried or self-employed applicants; and a CIBIL Score of 650 or higher.
Possible disbursal time: Within 24 hours after required documentation, verification, and applicable formalities.
Common documents: KYC documents, PAN card, employee ID, recent salary slips, and recent bank account statements may be required.

livemint.com · 5 hrs ago