One-Year Personal Loan at Low-Interest Rate
A one-year Personal Loan at a low-interest rate is ideal when you need funds for a specific purpose or unexpected expenses. With a shorter repayment period, you can clear your debt quickly and enjoy financial freedom.
Opting for a one-year Personal Loan saves you money on interest payments. Compare loan options from different lenders to find the best terms and interest rates. Choose a well-planned loan that provides the financial assistance you need while minimizing costs.
EMI Calculator for 12-Month Personal Loan
One-Year Personal Loan Interest Rates & Charges
|Personal Loan Interest Rates||9.99%* p.a. onwards|
|Loan Amount||₹1 Lakh to ₹50 Lakh|
|Loan Processing Fees||Up to 2% plus applicable taxes|
|Lowest EMI Per Month*||Starting from ₹2,124* per Lakh for 60 months|
|Loan Tenure||12-60 months|
|Pre-Payment/Foreclosure Charges||0%* If paid from own sources|
|Late Payment Charges||3% per month|
|Cheque Bounce Charges||₹500 per bounce plus applicable taxes as per regulations|
|Stamp Duty||At actuals (as per state)|
|No Other Hidden Charges|
Eligibility Criteria for 12 Months Personal Loan
|Minimum Age – must be not less than 22 years and must not be more than 57 years at the time of loan application and loan maturity respectively|
|Employment/Income – must be employed with a public or private or any other company that is internally listed with Poonawalla Fincorp and earn a take-home salary of at least ₹30,000|
|Credit Score – as a thumb-rule, an applicant with a credit score of more than 700 is preferred|
|Citizenship – must be an Indian citizen only|
|Work experience – Need a work experience of at least 12 months, with a minimum of 1 month at the current place of work|
Meeting the eligibility criteria mentioned above increases the likelihood of loan approval and ensures a smooth loan application process. It's important to note that specific requirements may vary among lenders, so it's advisable to review the eligibility criteria of different lenders to find the best match for your financial situation.
Documents Required for a 12-month Personal Loan:
- Identity Proof
- Address Proof
- Income Proof
- Bank Statements
- Employment Proof
These documents are commonly requested by lenders when applying for a 12-month Personal Loan. It's important to ensure that you have all the necessary documents ready before initiating the loan application process. Remember to check with specific lenders as document requirements may vary. Having all the required documents in order will help expedite the loan approval process and increase the chances of approval.
Reasons to Opt for a Personal Loan for One Year
There are several reasons why opting for a Personal Loan for one year can be a favourable choice. Firstly, a shorter loan tenure means you can repay the loan faster, reducing the overall interest cost. It provides you with the flexibility to meet your immediate financial needs without getting into a long-term commitment. Additionally, a one-year Personal Loan is ideal for managing unexpected expenses, such as medical emergencies or home repairs, as it offers quick access to funds. Moreover, it can be a suitable option for consolidating high-interest debt or funding small-scale projects. Overall, a one-year Personal Loan offers convenience, affordability, and the ability to address short-term financial goals efficiently.
Features & Benefits of 1 Year Personal Loan
|Short loan tenure||Quick repayment and reduced interest costs|
|Competitive interest rates||Affordable monthly instalments|
|Unsecured loan||No collateral is required, a simple application process|
|Quick processing||Fast approval and disbursal of funds|
|Minimal documentation requirements||Convenient and hassle-free application|
|Flexible financing solution||Suitable for small projects, immediate needs, and debt consolidation|
A one-year Personal Loan offers borrowers the advantage of short loan tenure, competitive interest rates, and the convenience of an unsecured loan. With quick processing and minimal documentation requirements, it provides fast access to funds for various financial needs.
Apply for Personal Loan for 1 Year within 5 Minutes
To apply for an instant Personal Loan for 1 year within 5 minutes with Poonawalla Fincorp, you can follow these steps:
- Click here to Apply Now.
- You will be directed to the loan application form.
- Fill in the required information, including personal details, employment information, income details, and loan amount required.
- Provide any supporting documents as requested, such as identity proof, address proof, and income proof.
- Review the application form and ensure all details are accurate.
- Submit the application form online.
- Wait for the loan application to be processed.
- If approved, the loan amount will be disbursed to your designated bank account within a short period.
By following these steps, you can apply for an instant Personal Loan for 1 year with us quickly and conveniently.
Frequently Asked Questions
Yes, it is possible to get a loan for 12 months.
Yes, it is possible to close a Personal Loan before 12 months, depending on the terms and conditions of the loan agreement.
12-month financing refers to a loan or credit arrangement where the repayment period is set at 12 months, meaning the borrower is expected to repay the loan within a one-year timeframe.
The minimum duration of a loan can vary depending on the lender and the type of loan. It is advisable to check with the specific lender to determine their minimum loan duration requirements.
*Terms & Conditions apply