Personal Loans
Personal loans are unsecured loans provided by banks, credit unions, or online lenders that can be used for various purposes like debt consolidation, home improvements, or major purchases. The loan amount, interest rate, and repayment terms depend on factors like credit score, income, and debt-to-income ratio.
These loans typically have fixed interest rates and monthly payments over a set period (usually 2-7 years), making them predictable for budgeting. While personal loans often have lower interest rates than credit cards, they may require good credit scores to qualify for the best rates.
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Key Features & Benefits
- Personal loans are unsecured, meaning no need to pledge assets as security.
- Perfect for individuals without property or valuable assets.
- Reduces the risk of losing personal possessions in case of default.
Enjoy financial freedom without worrying about collateral.
- Loan amounts ranging from small to large sums, tailored to your needs.
- Suitable for various purposes like medical emergencies, travel, education, or weddings.
- Borrow only what you need, with quick approval for your desired amount.
Get the financial support you need, when you need it.
- Minimal documentation and a fast-track application process.
- Funds disbursed within 24-48 hours in most cases.
- Online applications for added convenience and speed.
Access your funds quickly during critical times.
- Choose repayment periods ranging from 12 months to 5 years.
- Customize EMIs to suit your income and financial plan.
- Prepayment options to reduce your interest burden.
Repay your loan with ease and flexibility.
Support through out the Process
"Trust Srivigo's expert loan officers for unwavering support throughout your personal loan journey. From application to closing, we'll guide you every step of the way.
Frequently Asked Questions
A personal loan is an unsecured loan that individuals can use for various purposes, such as medical emergencies, weddings, travel, or debt consolidation. The lender provides the funds, which are repaid in fixed monthly installments (EMIs) over an agreed tenure, along with interest. No collateral is required for personal loans.
Eligibility for a personal loan typically depends on:
- Age: Usually between 21–55 years.
- Income: Steady monthly income (minimum specified by the lender).
- Employment: Salaried, self-employed, or business owners.
- Credit Score: A good score (typically 650 or above) increases approval chances.
- Existing Debts: Lower liabilities improve eligibility.
Each lender may have additional specific requirements.
The loan amount depends on factors such as:
- Your income and repayment capacity.
- Existing liabilities and monthly expenses.
- Credit score and financial history.
Typically, personal loans range from ₹50,000 to ₹25,00,000, but this may vary by lender.
Yes, personal loans are versatile and can be used for various purposes, such as:
- Medical emergencies.
- Debt consolidation.
- Home renovations.
- Weddings or travel expenses.
- Education or purchasing gadgets.
The flexibility makes personal loans a popular choice for borrowers.
Personal loans are typically processed quickly due to minimal documentation. Many lenders approve and disburse funds within 24–48 hours after application, provided all required documents are submitted, and eligibility criteria are met. Online applications can speed up the process further.
