Typically, salaried or self-employed individuals with a stable income and a good credit score (usually 650 or above) are eligible. Age, employment status, and location may also affect eligibility.
Personal loan tenures usually range from 12 to 60 months (1 to 5 years).
Yes, most lenders allow prepayment or foreclosure, but some may charge a penalty. Check with your lender.
When calculating the maximum personal loan amount in case of salaried people, the bank/financial institution takes care that the EMI does not exceed 30% to 40% of the applicant’s take own salary. Any existing loans that are being serviced by the applicant are also considered when calculating the personal loan amount. And, for the self employed, the loan value is determined on the basis of the profit earned as per the most recent acknowledged Profit/Loss statement, while taking into account any additional liabilities (such as current loans for business etc.) that the applicant might have.
No, there is no minimum loan amount.
Foreclosure charges differ from one bank to another, as each financial institution sets its own policies and fee structures.
