What are personal loans?

Personal loans are loan schemes customized just to meet your personal financial demands. These loans are available easily at any of your nearing banking outlets. So now you need not worry if you have an uncalled travelling plan, or you meet the love of your life and want to get married desperately you can be assured that your financial demands will always be met comfortably with a click. This article will help you get acquainted with a certain benefits to have personal loan especially for those who are self-employed professionals or individuals

Loan Amount:

You can apply for a personal loan for a loan amount upto Rs.25 lakhs.

Rate of interest:

Rate of interest that is usually charged on personal loans depends on the bank you choose however the same ranges from 12.65% to 20 % per annum.

Loan tenure:

You can avail personal loans for a loan tenure from 48 to 72 months.

Fore-Closure Charges:

Fore-closure charges are the charges that are the charged if you wish to close your loan account in the middle of your loan tenure. Any bank would usually charge around 0% to 7% amount as a penalty towards closure of your loan. If your loan scheme has a “Nil Fore-Closure” charge on your loan amount it will be easier for you to close your loan account without hassle of paying an added penalty towards your loan.

Part Pre-payment:

Part pre-payment is a prepayment facility where you can decide to make a part pre-payment of your personal loan without paying any extra money a penalty towards making a part pre-payment. This facility allows you to pay as and when you can afford to pay extra amount in your loan account without paying any additional cost towards it. By doing this you not only get to lower down the outstanding loan amount but also lower down the EMI and ROI that will be charged. You can choose to make a pre-payment for a maximum of 6 times in a year. The amount that you decide to pay as part pre-payment amount should be equivalent to three EMIs.

Processing Fee:

Processing fee that is usually charged for facilitating personal loans start from 1.25% to 2% which again depends on the bank you wish to choose.

Eligibility:

Your eligibility criteria is always set by the bank you choose. You should be atleast 21 years of age to avail personal loans. All self-employed individuals can avail loans upto a maximum of 65 years of age.

Documents:

The documents that are required for availing personal loans by a self-employed individual are (i) Your income proof which can be anything from your P&L certificate (ii)Last two years balance sheet (iii) KYC documents (iv) Photographs

How to Apply for personal loans?

• You can choose to apply for a personal loan scheme at Letzbank. Login on the website www.letzbank.com and register yourself

• Tools and Services available on the website will guide you to avail the best personal loans in India

• By making use of tools and services at Letzbank you will be able to compare offers on personal loans being offered from a large spectrum of partner banks.

• Click on the Personal Loan EMI Calculator option and design your own loan including your EMI, ROI, and loan tenure. You can also fore-see your loan at various stages by using this tool.

• Submit your application and we will get back to you.

• None of the applicants will be charged any additional fee towards the service fee for the applications submitted online.

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