Need to fulfill your short term cash needs? Personal loan is the solution. Personal loans unsecured all purpose loans which can be taken by individuals to meet their short term cash needs. The quantum of personal loan is dependent on your income and repayment capacity. Personal loans usually have a high fixed interest rate with a fixed repayment period, you should always think of taking a personal loan as the last resort after you have utilized all other sources of cash.

Personal loans are available from Rs. 10,000 to Rs. 10 lakhs for any purpose depending on your requirement, you can utilize the money in any way you want to; there is no restriction on the end usage of the loan. Personal loans are given without any security, guarantor or collateral, resulting in a very simple, fast and quick approval process. The loan lifespan ranges from 1 year to 7 years.

The quantum and the interest rate of the personal loans depend on different factors:

1. Whether you are salaried or self employed

2. Your monthly income

3. Your employment stability

4. Total EMI payments towards your existing loans

5. Repayment track record of previous loans, if any

6. Your age

7. Your stability with the place of residence

The personal loan quantum and the rate of interest are totally dependent on your profile and the documents you provide for verification. After signing the loan documents, a demand draft or a cheque is drawn in your favour by the lender and you need to deposit post-dated cheques for the lifespan of the loan agreed by you.

Apart from the interest charged some other charges might be applicable. These charges can be charged at the time of disbursement of loan, during the lifespan of the loan, or when you terminate the loan. These charges include (a) processing charge (b) pre-payment fee (c) late payment charge (d) cheque bounce penalty (e) documentation charges (f) duplicate statement fees

Who can take a personal loan? Personal loans are provided only to resident individuals in India. Banks do check on your age minimum being 25 years and maximum being 65 years, your salary or income (if self employed), stability of profession and place of residence.

Before you proceed for a personal loan do ask few questions to yourself:

1. Is personal loan the right option? As stated above, personal loans are very expensive and you should only opt for this when there is no choice left with you and you are in need for short-term cash.

2. Is my loan lifespan appropriate? Do analyze your daily expenses, otherwise to repay early you might have to cut down your even your necessary expenses. The early repayment might not be the better option in that case.

3. Am I taking advantage of all the discounts I’m eligible for? Women get discount in many public sector banks, NBFC/Banks provide discounts to existing customers, do check on this and avail the discounts available and you are eligible to.

4. Have I chosen the right repayment schedule? There are options available for repayment of the loan, it can be larger payments at the beginning (upfront) or larger payments later in the lifespan of the loan.

You must choose a personal loan repayment period and schedule that matches your needs. Choose a shorter repayment period if you are expecting an inflow of cash in short run, this will help to meet your immediate cash needs and you will be able to repay the loan with less amount of interest.

Most banks and NBFC provide group life insurance as loan protector insurance. Purchasing this insurance ensures that the insurance company pays the lender in case you meet with an unfortunate incident. This protects your dependents from your liabilities.

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