Features of Personal Loan
Let us describe some of the remarkable features of Personal Loan:
1.Interest Rate
The interest rate on a personal loan varies greatly depending on the bank and your credit score. It is also determined by your income and age. Typically, all banks have nearly identical interest rates with very minor differences.
2.Age
Every loan borrower is required to be at least 21 years old. Banks independently determine the maximum age limit. Most banks provide a maximum payback duration of 70 years, depending on the age of the candidate.
3.Processing Charge
Personal loan processing fees vary greatly from bank to bank. It usually ranges between 1-2% of the loan amount.
4.Amount of the Loan
Borrowers can obtain loans ranging from 50,000 to 50 lakhs of rupees, based on their eligibility and requirements.
5.Pre-Payment Fees:
If a borrower wishes to repay the personal loan before the agreed-upon date, he or she must pay fees ranging from 1-2% of the outstanding amount when the loan is closed.