Additionally, the Indian Armed Forces are supported by the Indian Coast Guard and paramilitary organisations
With the advancement in digitalisation the Banking industry is now able to redefine its functionality & it is now possible for officers of the Indian Armed Forces stationed in the remotest location to avail a Personal loan to fulfil their aspirations for a better lifestyle for themselves & their loved ones.
A Personal Loan is convenient finance available at the time of need. It is filled with numerous advantages.
Personal Loan Charges
Rate Of Interest
The rate of Interest or” ROI” as is popularly known is levied as per the Bank policy & is calculated @ of a monthly reducing balance. The rate of Interest remains unchanged throughout the entire tenure.
Is a onetime file charge which is deducted from the Loan amount.
Pre closure charges
Are the charges to be paid when an applicant pays back the entire loan before the tenure for which it is taken.
All other charges including late payment charges, cancellation charges, and cheque Bounce charges are intimated to the applicant after the personal loan is sanctioned.
Appended below is the Personal Loan Rate Chart for Major Banks.
|LOAN PROVIDER||INTEREST RATE||PROCESSING FEES (EXCLUDING SERVICE TAX)||TENURE||LOAN AMOUNT||PRECLOSURE AFTER PAYING||PART PAYMENT||CHARGES APPLICABLE ON PRINCIPAL OUTSTANDING|
|10.99%- 14.75%||NIL||12 TO 60 MONTHS||50k-30 lacs||12 EMI||NOT ALLOWED||2% – 4%|
|11.49%-18%||1%-2.5% of loan amount||12 TO 60 MONTHS||50k-25 lacs||6 EMI||NOT ALLOWED||5%|
|13.5%-20%||2% of loan amount||12 TO 60 MONTHS||50k-20 lacs||1 EMI||ANY TIME||NIL|
OTHER PERSONAL LOAN CHARGES
*Yourloanadvisors.com provides services to its esteemed customers free of charge.
Representative example of Charges for a Personal Loan of 1 lakh
|Loan amount||₹ 100,000|
|Processing fees||Nil to ₹ 2000/-|
|EMI for 36 months tenure @ 14%||₹ 3417/- monthly|
|Preclosure charges||as per individual policy of the Bank|
|Stamp duty & taxes levied as per government rules & regulations|
PERSONAL LOAN PROCESS
Enumerated below are few reasons for which a Personal loan is available
Wedding in the family – A family wedding is a time for joy & celebration & also an increase in expenses. Any amount of budgeting may not work, extra funds may be required at the end time ,taking a personal loan at this time may stand in good stead as it has an easy process & quick disbursal/ turnaround time.
Home Renovation– To maintain a style of living has become essential part of our living. Extra funds may be required to maintain, decorate & refurbish our home. Kotak Mahindra Bank is ready to provide the extra funds to continue living in the style you deserve.
Personal loan for Travel/Vacation – It is important to enjoy the vacation time, by travelling to your dream destination or taking your family to the much needed outing they deserve now. Take a personal Loan to make this a reality, payback easily over monthly EMI.
Family Illness – A sudden illness may catch you unaware, availability of funds becomes essential for medical expenses a personal may be the answer at this time of need.
Education Expenses – Be it payment of yearly school fees of your child or a bid to further your own qualifications, going in for a personal loan may be preferable or more readily available than an education loan for the purpose.
We at www.yourloanadvisors are available 24/7 to provide doorstep delivery of Personal Loans.
This page is dedicated to the memory of my father (in law) “Air Marshall I.S. Chhabra AVSM, PVSM “
You conquered the skies, with your grit & our hearts with your love & endearing care!