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Feb 12, 2020

Best Instant Personal Loans of 2020

Are you looking for an Instant Personal Loan in Delhi-NCR? Well, your search ends here, with LoanMoney! An instant Personal Loan can be a great help when you are in Immediate Financial need of money. LoanMoney deals with numerous Banks or NBFCs on your behalf as per your requirement & conditions and helps you to get the loan as early as possible & swiftly. 

LoanMoney doesn’t charge anything against the customer for the approval of your Personal Loan and helps you to get full loan amount minus unnecessary delays and expenses. We will share each term and condition related with your Personal Loan processes like Compare Personal Loan rates of interest, payment tenure, EMI and any other charge applied during the Loan process. Processing a Loan will require a lot of paperwork. But, LoanMoney does verification of only important papers, assets, documents; resulting in minimal paperwork.

Personal Loan General Information:-

  • Loan Amount: Rs 1 Lakhs to 40 Lakhs
  • Rate of Interest (APR): 10.75% to 20%
  • Repayment Tenure: 12 Months to 60 Months
  • Processing Fees: 1% -2.5%
  • Prepayment/ Foreclosure: After 12 Months to 5% of Loan Amount
  • Equated Monthly Instalment: Rs. 2,162/- only.

Illustration: Rs. 1 Lac loan on @10.75% with processing Fees for 60 Months comes to Rs. 1,29,708/-

Things to Consider Before You Apply for an Instant Personal Loan

1. Compare the Rate of Interest from other banks- Comparing the rates of interest offered by various banks ensures that you get the best rate of interest. here, you can easily compare the interest rates offered by various banks or NBFCs on LoanMoney. The Interest rate is the first and the most important factor to consider while selecting your instant Personal Loan. Most of the people don't think about taking a Personal Loan to fulfil their need for money as they think that they would have to pay a high-interest rate to repay the loan. But, it is not true, people are not aware they can easily avail a personal loan with lower interest rate and affordable EMIs. Apply for the personal loan at a low-interest rate through LoanMoney and avail the benefits from it.

2. Repayment Tenure- The repayment tenure is the time period specified in the loan deal for which you have been allowed the loan. A borrower should completely repay the loan along with the interest rate at the completion of the tenure. Generally, your EMI is completely dependent on the tenure period and the interest rate. 

3. Checking the Repayment Options- Checking for the Repayment option have much of importance when you opt for a Personal loan. For a Personal Loan repayment option includes increasing and decreasing EMI options, pre-closure, pre-payment, part payment, etc. 

4. Check your Credit Score- CIBIL plays an important role in getting your Personal Loan approved. CIBIL denotes all your repayments made against your previous borrowing. If your CIBIL is good lenders will easily lend you money but if it is not up to the mark you may face problems to get approved for a loan.

5. Additional Fee and Charges- The interest is not the only fees that are charged in a Personal loan. There are additional charges that you are supposed to pay when you get a loan.

  • Processing Fees: Paid when the loan is being processed. Processing fees between 0.5% and 2.50%. Processing charges for a personal loan will differ from bank to bank.    
  • Late Fees: Paid when your monthly payment is delayed.    
  • Prepayment Fees: After 12 EMI to 5% of Loan Amount Paid when you choose to pay the loan amount before the decided tenure.

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