How to use the Personal Loan and How Much

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By DialaBank 508 days ago

personal loan

For what purposes can it be used?

It can be used for any personal financial need and the personal loan bank will not monitor its use. It can be utilized for renovating your home, marriage-related personal loan expenses, a family vacation, your child's education, purchasing the latest electronic gadgets or personal loan home appliances, meeting unexpected medical expenses, or any other emergencies.

Personal loans or any other loan are also useful when it comes to investing in the business, fixing your car, down payment for a personal loan, a new house, etc.

Eligibility criteria

Although it varies from bank to bank, the general personal loan criteria include your age, occupation, income, capacity to repay the loan or any other loan, and place of residence.

To avail of a personal loan, you must have a regular income source personal loan calculator, whether you are a salaried individual personal loan, self-employed business person, or a professional. 

Is there a minimum loan amount?

Yes, though the exact amount varies from one institution to another with a personal loan. Most lenders have set their minimum personal loan principal amount at Rs 20,000.

From which bank/financial institution should one borrow?

It is good to compare the offers of various banks before you settle on one personal loan. Some key factors to consider when deciding on a loan provider include interest rates, personal loan tenure, processing fees, etc.

Maximum loan amount?

Although the loan sanctioning criteria may differ from a personal loan from one bank to another, some key factors determining the maximum loan or any other loan amount that can be sanctioned to you include your credit score, current income level personal loan as well as liabilities. A high credit score (closer to 900) means you have serviced personal loans, your previous loans, and/or credit card dues properly, leading the lenders to feel that your personal loan is a safe borrower.

A personal loan does not require any collateral or any other loan or security and can be obtained with minimal documentation. Just like most loans, or any other loan, however, it must be repaid in monthly installments.

You can use it to fund any expense including education or any other loan, a wedding, a trip, home renovation, medical expenses, and even to buy a gadget. You can or any other loan even use the money to help out with the day-to-day expenses in case of a cash flow crunch.

 

Indian Overseas Bank Personal Loan Bank offers a Personal Loan or any other loan to pre-approved customers in just 10 seconds. For others, it usually takes about 5 hours. As an already existing customer, you can apply via NetBanking or anything on the Indian Overseas Bank Personal Loan Bank website, through an ATM or Loan Assist App with any bank.

You can get a repayment tenure that suits your needs of personal loans. And then you have to make the payments equated monthly with personal loan installments or EMI. This installment amount is calculated using the loan or any other loan amount, the payment tenure, and the interest rate with the loan.

Conclusion:

The easiest way to calculate EMI is to use it online with a Personal Loan EMI Calculator like the Indian Overseas Bank Personal Loan or any other loan Bank Personal Loan EMI calculator. You can change the loan amount and tenure with a personal loan as you please until you finally find the right EMI or any loan. If you have a fixed loan amount in mind, then adjust the tenure until you find the right EMI with a personal loan. In the early period of the loan or any other loan tenure, the EMI will have a higher interest component and lower principal amount with a personal loan that will reverse as you near the end stages.