What does prepayment charge mean? Does it matter while comparing loans?

A personal loan is repaid to the lender within a fixed time frame, which is usually 1 to 5 years. In case you want to clear the loan payment earlier than the agreed time frame, the bank levies a prepayment penalty charge. This could be up to 5% of the outstanding loan amount but can vary according to the bank and the credit profile of the borrower. Make sure the interest saved by pre-paying exceeds the prepayment fee paid. This is one of the factors to keep in mind while comparing loans.

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What is credit history? How does a financial institution check on my credit history?

A credit history is a record of your past repayments of loans and credit card bills. Credit Bureau of India Limited (CIBIL) maintains this credit history, by compiling data from all the banks on existing loans and the repayment history of their customers. Before approving your loan a financial institution always checks with CIBIL on your loan repayment track record.

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How much money am I eligible for?

You can borrow as much as you can repay comfortably. This in banking terms would mean a personal loan that has an EMI that does not exceed 40% of your monthly take home income, once the EMIs for existing loans have been deducted.

For self-employed applicants, profit is the benchmark that determines loan value.
Opting for a long tenure will lower the EMI, and therefore will enable you to be eligible for a larger loan amount.
The loan amount you are eligible for is also dependent on other factors like the company you are employed with, the location of your residence and your credit history.

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Personal Loan Interest Rate

Personal Loan Interest Rate.
(Monthly reducing balance):                14.25% to 49% fixed.

Processing Fees:                                     1% to 5% of loan amount
   

Personal Loan Tenure:                         1 year to 5 years

Personal Loan Amount:                       Rs. 1 lakh to Rs. 20 lakhs

Pre-closure Charges:                            Up to 5% of pre-closed amount

Guarantor Requirement:                      No guarantor required      

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CONTACT US

Loan Mantras

No. 2911, 13th Main Road,

2nd Stage Rajajinagar,

Bangalore - 560 010

Phone No: 080 - 23120319

Email Id: info@loanmantras.com

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Home loans not only help you realize your dreams of buying that house you have always wanted but also help save tax. But sometimes, the procedure of applying and getting a home loan can be complicated and frustrating. To avoid hassles and save cost, you must choose the right home loan. Buying your dream home is an important milestone in your life and requires a lot of planning, thinking and money, but with a wide variety of housing loans available in India,

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