Q1. Is it possible to merge two Bank loan into one?
Ans – Yes it is possible to merge two loans into one because even with top up facility if the loan track record is good and customer can show creditworthiness.
Q2. Who can get a personal loan?
- Self employed professionals/individuals.
- Proprietor/ Proprietorship firms.
- Partner in partnership firms.
- Director in Private Limited Companies.
Q3. What is the minimum and maximum tenure for the personal loan?
Ans – 12 months to maximum 5 years.
Q4. What security do I need to provide for a personal loan?
Ans – As personal loan comes under unsecured loan category, no collateral or security is required. You income is the only criteria to check your eligibility.
Q5. Can I pre pay my personal loan?
Ans – Yes you can always prepay your personal loan.
Q6. What is the process of getting a personal loan?
The process may vary from bank to bank and financial institutions but a generally followed process is as follows –
Following are the list of the documents required for Unsecured Personal Loan:
- Sanctioning of the Loan