Questions To Ask About Personal Loan

Question 1. What is a personal loan?

Answer 1. A personal loan is a style of loan utilized by the individuals for meeting the requirements of the members of the family and additionally for his or her own needs. Example: To pay personal expenses, prolong a vacation, purchase any quality etc.

Question 2. What is an EMI?

Answer 2. You avail a loan from an acknowledged bank in India and you have got to repay this loan with interest. EMI is simply the number you (borrower) repay to the bank, every month, to clear your outstanding loan.

Question 3. What is the maximum loan amount you can get?

Answer 3. You can avail a personal loan amount up to Rs.30 lakh.* However, the final amount sanctioned will depend on your income, your CIBIL score, and other eligibility criteria.

Question 4. What are the eligibility requirements to apply for a loan?

Answer 4. The eligible Loan amount will be calculated based on the credit history. If the applicant already having another loan amount those deductions will be taken into account to calculate total deduction out of salary. CIBIL score is playing significant Role In the banking decision in granting a Personal Loan Generally Accepted Practiced To Calculate Eligible Loan Amount Is 50 Percent Of Deduction From Salary Including The Repayment Of Loan To Be Granted.

Question 5. How do I apply for a personal loan?

Answer 5. You can apply online through our online application facility or contact us through various mode mentioned in the contact us section. 

Question 6. Can I have multiple personal loans?

Answer 6. Yes, you can go for multiple personal loans, if your CIBIL score is good enough and you full-fill the eligibility criteria

Question 7. Do I need to provide any collateral to apply for a personal loan?

Answer 7. A personal loan is an unsecured loan where you do not need to keep any collateral to get loan approval.

Question 8. How do I repay the loan?

Answer 8. You can repay the loan in Equated monthly installments (EMIs) or through post-dated cheques. 

Question 9. Can I change my due date for personal loan repayment?

Answer 9. Yes, definitely you can change the payment date towards your loan as per your convenience. Kindly approach your Branch/ RACPC and give them fresh Standing Instructions containing new date/ amount (shall be higher than the EMI). It will be changed accordingly.

Question 10. How much time will it take for a personal loan to get approved?

Answer 10. It depends on your lender. Typically it takes 2 days. 

Question 11. Are personal loans taken as tax exemption?

Answer 11. Yes, personal loans can be taken as tax exemptions in some cases. 

If you’re into business or a freelance individual then tax-exemption is applicable to you.

Question 12. Can a student apply for personal loan?

Answer 12. Students are not eligible to get a personal loan as they typically have no source of regular income and credit history. Banks look for a minimum experience of 3 years of work experience and CIBIL score before giving a personal loan.

Question 13. How is EMI calculated in a personal loan from the bank?

Answer 13. Formulae for calculating EMI: 

E is EMI

P is Principal Loan Amount

r is the rate of interest calculated on monthly basis.

n is loan term /tenure/duration in number of months

Question 14. Can I get a personal loan without a salary slip?

Answer 14. It depends on the bank from which you are taking the loan. If your salary gets credited in the same bank that you are taking the loan from they might not require the salary slip. However, IDFC bank provides personal loans without salary slip.

Question 15: What is the benefit of applying for a personal loan online?

Answer 15: You can apply online anytime and from anywhere, without traveling to branch and you get instant approval.

Question 16: How can I check the status of my loan?

Answer 17: You can call our customer care service to inquire about the same.

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