Have a Question regarding Personal Loans? Check out Frequently Asked Questions about Personal Loans. Find the answers to all your Personal Loan queries and Get your clarification right here.
LaonMoney is an Authorized Direct Selling Agents of various National, Multinational and Non Banking Financial Companies for promoting their sales for asset division. Quick Form for Personal Loan in Delhi NCR Click here
Personal Loan from Nationalised Bank: Canara Bank, Allahabad Bank, Andhra Bank, Bank of India, Bank of Maharashtra, Central Bank of India, Dena Bank,IDBI Bank, Jammu and Kashmir Bank, Karnataka Bank, Punjab and Sindh Bank, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India, Vijiya Bank, State Bank of India, Punjab National Bank and Bank of Baroda.
Personal Loan from Private Bank: Bandhan Bank, Corporation Bank, DCB Bank, Federal Bank, IDFC Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, South Indian Bank, HDFC Bank, ICICI Bank , Yes Bank, Axis Bank, Kotak Mahindra Bank, Standard Chartered Bank, HSBC Bank, Deutsche Bank, Induslnd Bank and RBL Bank.
Personal Loan from Non Banking Financial Company (NBFC): DHFL Home, Indiabulls, Tata Capital, Bajaj Finserv, Capital First, Fullerton India, Aditya Birla Finance, LIC Housing Finance, Magma Fincorp, Reliance Capital and Tata Capital.
LoanMoney will get you an approval in Less Processing Time, Easily Available Loan, Lowers Interest Rates, No Agent or Middleman Charges. Quick Form for Personal Loan in Delhi NCR Click here
How long can I take to repay my Personal Loan?
Personal Loan offers flexible repayment options ranging from 12 to 60 months, depending on the customer’s profile.
How much can I borrow Personal Loan through LoanMoney?
You can take a loan ranging from Rs. 50,000 to Rs. 15, 00,000, depending on your income and repayment capacity. You can club your spouse’s income if you want to get a bigger loan.
How can I repay my Personal Loan through LoanMoney?
You pay the loan in equal monthly instalments (EMIs). The loan will be paid through post-dated cheques. You can also pay through ECS or a standing instruction to debit your Bank account with the EMI amount. Try LoanMoney for EMI calculator to calculate how much you need to pay each month.
What are the loan tenure options for Professionals Loan?
You can repay your loan over a period of 12 to 60 months
Documents required while applying for a Personal Loan?
One need to provide an identity proof, residence proof, last 3 months salary slip, last 6 months bank statement and a passport sized photograph. Banks may also ask for additional documents later like Form 16, appointment letter, company ID card, previous company relieving letter.
Is part-prepayment of a Personal Loan allowed?
No, part prepayment is not allowed. The loan has to either be prepaid in full or serviced for the contracted tenure. Quick Form for Personal Loan in Delhi NCR Click here
How does a Salary Account help me get a Personal Loan?
You get a preferential rate of interest and processing fee, speedy processing and minimal documentation if you have a Salary Account with Bank. This is taken into account at the time of disbursal of the loan. You can pay through a Standing Instruction to debit your Bank account with the EMI amount.
Do I need to provide any security or collateral to obtain Personal Loan from Bank?
No you don’t have to provide any security, collateral or guarantee to obtain Personal Loan from Bank.
What is De-pledge?
Removal of a pledge from the security to regain the rights over the security is called de-pledge.
What is Guarantor?
A Guarantor is a person who guarantees to pay for someone else's debt if he or she should default on a loan obligation.
What is Amortization?
Amortization is paying off debts in regular instalments over a period of time.
What is Pledge?
A right over the security is created in favour of Bank. Hence shares cannot be transferred or sold by the customer or shareholder.
What is RTGS?
RTGS is the Real Time Gross Settlement which is used for the transfer of amounts of Rs. 1,00,000 or more from one bank account to another bank account (any bank located anywhere in India if attached with an Internet system) at very minimal charges. The amount is credited into the beneficiary's account in real time. For amounts less than Rs. 1, 00,000 we use NEFT (National Electronic Fund Transfer). Quick Form for Personal Loan in Delhi NCR Click here
What is NEFT?
The National Electronic Funds Transfer (NEFT) system is a nation-wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch.
What happens if I miss an EMI payment or there is an ECS bounce?
The bank will levy certain ECS bounce charges/penalties. In addition it will get reported in your credit report. Depending on the severity of the default it can have serious impact on your future credit possibilities like a home loan, car loan etc. In addition, the banks can also take legal action against the borrower.
What are the charges I have to pay to change the mode of repayment/ account for my loan?
A service charge of Rs.500 is applicable for changes in loan repayment instructions issued from non-Bank Account (ECS or PDC facility). A cheque /pay order/demand draft for Rs. 500 favouring “Bank Ltd Loan Account No. ” will be required along with the revised set of repayment instructions.
Are there any additional charges for loan repayment?
The additional charges (if any) are applicable in case you default or in case of SWAP (i.e. change the repayment mode). The charges are updated and can be viewed in the Fees & Charges section in the Bank’s website of each loan product.
How long will it take for my Personal Loan to be processed?
Once you submit your application form and the required documents as per Bank's criteria, you can expect our approval and disbursal within 5 working days, provided everything is in order. All loan approvals are at the sole discretion of the bank.
Who can apply for a Personal Loan?
Personal Loan is available for salaried individuals as well as Doctors.
Do I need to hypothecate my assets or provide any other collateral to avail a Personal Loan?
You do not need to hypothecate any assets to avail a Personal Loan. Quick Form for Personal Loan in Delhi NCR Click here
How much would I need to repay each month?
At the time of booking of your loan, the EMI (Equated Monthly Instalments) will be calculated based on the loan amount sanctioned, interest rate and the tenor.
Can I foreclose or prepay my loan?
It varies as per Bank Policy, certain institutions, You can foreclose your loan immediately whereas in others a fee after a minimum period of 6 Months, In few after payment of prepayment charges.
What is an EMI?
An EMI stands for Equated Monthly Instalment. EMI provides you the ease and benefit of paying back the Personal Loan amount in smaller convenient options. This instalment consists of both the principal and interest components.
Can I make part payments on my Personal Loan?
Part Payment facility varies from Bank to Bank:
All your information will be secure with us. The online application is a completely secured application using the state of the art security systems. Quick Form for Personal Loan in Delhi NCR Click here
Personal Loan can be used for anyImmediate Financial Needslike Children's Education, Medical Emergencies, Wedding Expenses, Home Renovation, Starting a Business or even for closing any other Financial Liabilities. The features of our Personal Loans are No pre-payment and foreclosure charges, loan amount starting from Rs. 50,000 to Rs. 15,00,000, flexible repayment tenure. Read more...
LoanMoney has clearly explained about Personal Loan Interest rate. If you want to apply for Personal Loan with the lowest interest rates as applicable to your unique credit profile, LoanMoney can guide you through the entire application process and match you with the best offerd interest rates suited to your credit needs. Read more...
Enjoy a wide range of benefits, speedy documentation, and competitive rates when you choose a Personal Loan. You can meet all your financial needs Children's Education, Medical Emergencies, Wedding Expenses, Home Renovation, Starting a Business or even for closing any other Financial Liabilities without any hassles. Read more...
LoanMoney will get you an approval in quickest possible time. All you need to do isvisit LoanMoney.in and fill an enquiry form. You can also drop a mail toinfo@LoanMoney.in or call to +91-8130 222 111. A LoanMoney representative will get in touch with you and collect your documents from your doorstep.