Personal Loan

To apply for a Personal Loan and avail best provided by us, follow these steps.

A Personal Loan is a collateral-free loan that can be used for a variety of purposes. There is no restriction on its end-use. Some of its common uses are as follows:

In short, a Personal Loan can have various uses. It can be used to fulfil urgent funding requirements.

Yes, carefully approaching a Personal Loan is a smart way to get funds without risking your assets. If you have a good credit score and meet eligibility criteria, you can enjoy reasonable rates. However, using the loan for necessary expenses is important for avoiding unnecessary spending or risky ventures.

If you are looking for a Personal Loan, then you should first choose the ideal Loan amount by considering your needs. While you can avail a loan of a slightly higher amount to address any unexpected costs, don’t overborrow or under borrow. Overborrowing or Under borrowing will fail to help you achieve your objectives. Instead, you can consider this expert advice: ensure your EMIs don’t amount to more than 10-20% of your monthly income. If you have other existing debt, ensure your total EMIs don’t cross more than 50% of your income. After assessing your financial needs, you should apply for a loan online.

The documentation requirements for a Personal Loan from us are quite simple. You just need to confirm that you fulfil all the eligibility conditions and submit a few basic documents. Once the verification is done, the Loan is credited into your bank account within a very short turnaround time. Following is the provisional list of documents required to apply for a loan:

Do note the above-mentioned documents list is indicative. Additional documents may be required during loan processing.

The best way to plan a loan is by assessing your financial needs and calculating the loan amount you require. Use our Personal Loan EMI calculator to check various EMI amounts based on different loan amounts and tenors. Once you compute the monthly instalments, compare them with your monthly income and expenses. Carefully forecast your expenses all through the loan tenure. If you think you can afford to pay the EMIs on time every month, you should apply for a loan. Overborrowing can put a strain on your finances during repayment. So, check this carefully to enjoy an easy and comfortable experience during repayment.

Whenever you apply for a Personal Loan, any lender looks for eligibility criteria related to age, citizenship, employment, income, etc. Additionally, a lender also checks your credit score. Each lender has its filter for the minimum eligible credit score for a loan. Generally, a score above 750 is very good. At this score, you are likely to get lower rates and a higher loan amount. Below this score, a lender may state a higher interest rate, give a lower loan amount, ask for more documents, or even reject your application.

The right time to take a Personal Loan is when you need it the most. It is a flexible, collateral-free loan that can be used for a variety of purposes. There is no restriction on its end-use. Hence, it should be used responsibly only when you really need it and are confident of repaying it on time.

We offer the following benefits for a Personal Loan:

With secured loans, the borrower must pledge collateral. For availing of an unsecured loan, like a Personal Loan, the borrower does not need to pledge collateral. Secured loan usually have end-usage restrictions, while unsecured loans don’t.

Most lenders offer Personal Loans in a short time provided you fulfil the eligibility criteria, furnish required documents, and have a good credit score. If you need a loan online from us, just go to our Application form, fill in the necessary details and submit your documents online. Once the documents and individual details are verified, the loan is sanctioned and disbursed instantly to the borrower’s account.

Certainly, it is possible to obtain two Personal Loans in a single day. Before pursing this option, you must consider the below mentioned factors:

In conclusion, while it is possible to obtain two Personal Loans in one day, it is important to consider the policies of individual lenders, your financial situation, and your ability to manage multiple loan obligations. Conduct thorough research, assess your financial capabilities, and make an informed decision that aligns with your long-term financial goals.

When it comes to Personal Loans, there are two common terms you may come across co-signer and co-borrower. While they may sound similar, there are distinct differences between the two roles as below:

Whether you choose a co-signer, or a co-borrower option depends on your specific circumstances and the lender's requirements. It's essential to have open communication and trust with the person you choose to take on either role, as it involves a significant level of financial responsibility.

Yes, it is possible to take a Personal Loan jointly with another individual. Joint Personal Loans allow multiple borrowers to apply for and share the responsibility of repaying the loan. This option can be beneficial in several scenarios, such as when the loan amount required exceeds the eligibility of a single borrower or when both individuals have a combined income that strengthens the loan application.

When taking a loan jointly, both borrowers are equally responsible for repaying the loan. They share financial liability and are considered co-borrowers. Lenders assess the creditworthiness and eligibility of each borrower individually, considering their income, credit history, and financial stability.

Some key points to consider regarding joint Personal Loans are:

Yes, it is possible to get a loan in as little as two days, depending on the type of loan and the lender's processes. However, the speed at which you can obtain a loan may vary based on several factors, including the loan amount, the documentation required, and the lender's approval process.

Here are some loan types and scenarios where you may be able to get a loan within two days:

It's important to remember that while obtaining a loan in a short time frame is possible, it's crucial to choose a reputable lender and carefully review the loan terms, including interest rates, fees, and repayment conditions. Rushing into a loan without proper consideration can lead to unfavourable terms or financial difficulties down the line.

To increase your chances of getting a loan quickly, ensure that you have the necessary documents readily available, such as proof of income, identification, and address proof. Promptly submit the required information and respond to any queries or requests from the lender to expedite the loan approval process.

In the unfortunate circumstance of the death of a Personal Loan borrower, the biggest question that needs to be answered is what happens to the loan repayment. In case a loan is secured, i.e., with collateral, then the repayment needs to be taken care of by the family or next of kin of the deceased. However, most Personal Loans are unsecure, so, if a Personal Loan borrower dies, the lender cannot ask the person’s legal heirs to repay the loan. Instead, they have to write off the remaining loan amount balance and close the account. On the other hand, if the deceased person had availed of the loan with a co-applicant, then the responsibility of repaying the loan will fall on the co-borrower/applicant. In either case, the deceased person’s family needs to inform the lender immediately.

Yes, you can get a personal loan of ₹10 lakh. Poonawalla Fincorp offers a personal loan ranging from ₹1 lakh to ₹30 lakh.

If you meet the eligibility criteria and provide the necessary documentation promptly, you may receive approval and disbursement within a couple of days.

No, Poonawalla Fincorp is committed to transparency, and there are no hidden charges.

The minimum credit score typically required for a Personal Loan is 750 and above.