FAQ

You can opt for a personal loan for making big purchases, marriage , home renovation, medical bills, investments, down payments etc. basically any expense which comes with a short notice period in a lump sum amount.

Personal loans generally vary between 1 to 5 years.

The key documents are as follows:

Income Proof for Salaried

Recent acknowledged ITR for self-employed

Address proof

Identity Proof

License/Degree (in case of self-employed )

Yes. You have the option of prepaying the loan with various loan providers, standard pre-closure charges will be levied.

Yes. A Processing fee will be levied on which differs from bank to bank.

EMI is Equated monthly Installments which is a partial amount that you pay on a monthly basis in lieu of the loan amount availed from the bank or any financial lender. EMI comprises of the principal amount and the interest levied.

Applying for a personal loan online with CreditKaro is very convenient because you can apply from anywhere anytime. We remove the hassle of a branch visit for you. You also get instant approval on personal loan online.

- It is very easy to apply for a personal loan with credit Karo, all you need to do is:

visit our website

select personal loan from the home page

choose the plan of your choice

click on Apply

while selecting the filters click on salaried

you will have all suitable plans on your screen.

Yes, in various cases a co-applicant can be added in order to get a better credit score for a larger loan amount. If a lender is offering this facility it will be mentioned in the application form.

Yes. You may use it for commercial purpose, but the loan cap and tenure will remain the same.

Most banks and NBFCs limit a personal loan at 25 lacs for an individual but the lender usually evaluates the financial position of the applicant before granting a loan.

You must have a regular source of income to avail a personal loan. The categories of income are salaried, self-employed professional, or a businessperson. Your eligibility is also affected by your income, the company you are employed with, your credit history, your residential location among other factors depending on the lender's criteria.

This is very simple, just follow these steps given below:

Log on to CreditKaro.com

Select the personal loan option from the home page

Choose up to 3 personal loans from all the plans

click on the compare tab to add your products

Compare the products on the basis of given criteria

choose the one that suits you

Having a higher credit score shows that you have a good repayment record and that you have paid your installments timely. Higher credit score increases your chances of getting approved for a loan, moreover you can negotiate other perks like higher loan amount, lower interest rate, waiver on additional charges, instant approval etc.

The basic difference between personal loan and loan against property is :

 PERSONAL LOAN:

Personal loan is an unsecured loan which can be availed from the bank for personal use. You generally use the loan amount for personal expenses like, construction of your house, raw materials, machinery, marriage, a business set-up etc.

 LOAN AGAINST PROPERTY(LAP)

Loan against property is a secured loan that can be availed against mortgage of the borrower’s property. It can be a residential property which is either self-occupied or rented, commercial property or a piece of land. You can use this loan amount to meet any personal expenses just like a personal loan.