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    Personal Loan in India

    A personal loan is taken for anything related to personal use like a wedding ceremony, a dream vacation, shopping, or more. This kind of loan doesn’t demand collateral or security against anything and can be landed on without much difficulty. The personal loans depend upon the income of the applicants and can range from 50,000 to 3 Lacs. The tenure of the personal loan also matters, which can be somewhere around one to five years. This kind of loan is stress-free and has various banks offering the same.

    The personal loan has some charges involved apart from the rate of interest. The charges are of two types, you will pay once while applying for the loan and another time while pre-closing the loan. The processing fee can range from 2-3% of the entire loan amount. However, if you can negotiate with the

    Personal Loan Eligibility Criteria:

    Showing a regular source of income is the core requirement for any personal loan, and it can comparatively stringent in calculating the risk. Personal processing will be easy for people who are self-employed or business people.

    All the factors including the tenure, interest rate, age criteria will play a vital role in this kind of loan too.

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