Our Blogs

Mar 25, 2020

What is a personal loan and how does it work?

What is a Personal Loan?

A personal loan is a type of Unsecured Personal Loan and satisfies your current financial requirements. You don't usually need to pledge any security (residential or commercial property as collateral) or collateral while availing a personal loan and bank/NBFCs gives you the flexibility to use the funds as per your requirement. Personal loans are available for the various financial requirement. A personal loan is a set amount of money borrowed at a fixed rate and repayment tenure up to 5 years. You can get a personal loan from a bank or NBFCs. Compare Personal Loan interest rates and get the best offer from top banks through LoanMoney. 

Types of Personal Loan

Personal loans can either be secured or unsecured. 

Secured Personal Loan: Secured Personal Loans are loans which need the borrower to pledge an asset (residential or commercial property as collateral) or security to avail the loan. Home loans and auto loans are the most popular examples of secured personal loans where the borrower will need to pledge the car or home to be purchased as collateral, which then becomes secured personal loan. 

Unsecured Personal Loan: Unsecured Personal Loans can be used for a wide variety of purposes, for medical emergencies, paying for wedding expenses or home renovation, to consolidating debt, or starting a new business. The most popular personal loans are unsecured personal loans, which do not require collateral. In that case, Bank/NBFCs look at factors like your monthly income, work experience, credit history, CIBIL Score,  and sometimes employment to approve you.

Can a Personal Loan be used for all your special needs?

Personal loans are a suitable option for you to fulfil your various financial needs. Utilize a personal loan to satisfy various funding requirements such as

  • Medical Emergency:  Avail personal loans online from  LoanMoney with minimal documentation to address medical emergencies, which requires immediate funding.
  • Debt Consolidation: Consolidate multiple (Loans, Credit Card outstanding) debts into one with an instant, high-value personal loan with a low-interest rate through LoanMoney.
  • Higher Education: LoanMoney gives you complete financial support to your children’s during higher education with a high-value personal loan at an attractive rate of interest. Satisfy all your financing requirements such as course fees, purchasing the books, travel expenses, hostel charges and more with customised personal loans in Delhi-NCR, India.
  • Home Renovation: Personal loans can be a great way to cover the cost of home renovation or repairs. Sometimes things need to be replaced. If you don’t have the cash to cover this expense, a personal loan might be an alternative over using financing through LoanMoney. Manage the significant home renovation and repair costs with an Instant Personal Loan and repay over a flexible tenure of your choice.
  • Starting a Business: Starting or expanding a business need to purchase equipment, lease office space or provide some working capital while things ramp up. A potential benefit of using a personal loan for business is that the application process is usually easier and faster than applying for a small business loan. 
  • Wedding Expenses: Weddings are expensive. Whether you are the parents of the bride or the bride and groom paying for some or all of the costs yourselves, a wedding loan, also known as a personal loan, could be an option to cover this life moment financially.
  • Dream Vacation Tour:  Fulfil your dream vacation tour with funds availed against your salary. Include all the expenses, flight tickets and hotel bookings during your dream vacation trip to a national or international destination.

What is the eligibility for a Personal Loan?

To get personal loan minimum age required to apply for a Personal Loan should be 21 years. And maximum age can go up to 60 years for salaried employees and 65 years self-employed  / professionals at the time of loan maturity. You must be a residing citizen of India. 

How can you check personal loan eligibility?

If you want to apply for a personal loan, you will require to determine your eligibility before applying for it. Here is how to check the personal loan eligibility:

  • You must be a residing citizen of India
  • Applicant’s age must be between 21 to 60 years of age
  • Net monthly income 25000/ or more
  • Working in MNCs, Pvt. Ltd. companies or government companies employee
  • Minimum work experience required 1 year or more
  • The loan amount that you will be eligible for depending on your salary

Why Choose LoanMoney

LoanMoney is an Authorized Direct Selling Agents of various National, Multinational Banks and NBFCs for promoting their sales for asset division. LoanMoney gives you the best deal for Personal Loan with the lowest interest. Here you can choose the best offers from top banks along with their interest rate, processing fee, EMI, foreclosure charges and latest offers. 

Key Features: Get Maximum Loan Amount up to 30 Lakhs, Simple, Fast & Secure Process, Flexible Repayment Options, Instant Loan Approval, Quick Loans Disbursed in 48 Hours, Lowest EMI, Hassle-free Process, Collateral-free loan, and Door-step Services.

2020-04-02
Apr 02, 2020

Top 9 Reasons Why You Should Apply For a Personal Loan...

Personal loans are unsecured loans provided without any collateral (it doesn't require residential/commercial property as a security) and it can be used for various purposes i.e for a medical e...

Continue Reading
2020-04-01
Apr 01, 2020

5 Mistakes to Avoid While Taking a Loan Against Property...

A Loan Against Property (LAP) is a secured loan given against residential or commercial property such as a home, shop, etc. A Loan Against Property can be used to finance for business expansion or ...

Continue Reading
2020-03-30
Mar 30, 2020

FAQ - RBI's Moratorium on loan EMIs...

The 3-month moratorium is applicable to all term loans. That means a personal loan, auto loans, home loans, corporate loans, education loans. As per the RBI release, banks are permitted to gra...

Continue Reading
2020-03-30
Mar 30, 2020

Coronavirus: Will RBI's 3-month moratorium apply on your Loan/credit card EMI payments?...

RBI Governor Shaktikanta Das on Friday stated that all banks, all-India financial institutions, and NBFCs are being permitted to allow a moratorium of three months on payment of instalments in...

Continue Reading
2020-03-27
Mar 27, 2020

RBI: MPC Cuts Repo Rate By 75 BPS, Reverse Repo Rate By 90 BPS...

This kind of uncertain outlook has never been seen before...need of the hour is to do whatever is necessary to shield the economy from the pandemic. “  &n...

Continue Reading
2020-03-25
Mar 25, 2020

Personal Loan EMI Calculator - Calculate your Monthly EMI Online...

LoanMoney online Personal Loan EMI Calculator makes it easy for you to figure out the monthly instalments on your loan. To calculate your EMI with LoanMoney Personal Loan EMI Calculator, just enter...

Continue Reading
2020-03-25
Mar 25, 2020

What is a personal loan and how does it work?...

What is a Personal Loan?

A personal loan is a type of Unsecured Personal Loan and satisfies your current financial requirements. You don't usually need to pledge any ...

Continue Reading
2020-03-21
Mar 21, 2020

Compare Personal Loan Interest Rates for 2020...

Compare personal loan interest rates starting from 10.50% to 18% and processing fee starting from 1 to 3% of the loan amount and repayment tenure from 1 to 5 years. Some of the factor...

Continue Reading
2020-02-21
Feb 21, 2020

Banks Vs NBFCs Vs Fintechs - Compare Interest Rate, Processing fees...

If you are a metropolitan, tech-savvy person, possibilities are good that you have come across many loan choices – Banks, Non-Banking Finance Companies NBFCs or Fintech Startups. While all of...

Continue Reading
2020-02-29
Feb 29, 2020

CIBIL Score: How to Improve CIBIL Score - LoanMoney...

what is CIBIL Score?

CIBIL Score is a 3 digit numeric summary of your credit history, determined by using details found in the ‘Accounts’ and ‘Enquiries...

Continue Reading
2020-01-30
Jan 30, 2020

Fixed Interest Rate Vs Floating Interest Rate...

What is a Fixed Interest Rate?

People who take for Fixed Interest Rate show that people must repay the loan in equal EMI instalments as per the loan tenure. The benefit o...

Continue Reading
2020-02-28
Feb 28, 2020

Top Bank for Personal Loan Interest Rates 2020...

A Personal Loan is an unsecured loan which you can get from a bank/NBFC to meet the emergency expenses. These circumstances may include emergency medical expenses, children's educational expens...

Continue Reading
2020-01-16
Jan 16, 2020

How a Personal Loan can help in Debt Consolidation...

Expenses usually kicked you when you most insignificant assume them. At times, you may notice yourself insufficient funds to satisfy these obligations, forcing you to borrow money. For example, a f...

Continue Reading
2019-12-27
Dec 27, 2019

Personal Loan for salaried Individuals...

Personal Loans are unsecured loans extended by the banks to people who are met by unexpecte...

Continue Reading
2020-02-08
Feb 08, 2020

Personal Loan - Eligibility Criteria & Documentations...

A Personal Loan is an Unsecured Loan which is meant to give financial help to the salaried individuals who are running short of funds to meet their personal as well as financial requirements like m...

Continue Reading
2020-04-03
Apr 03, 2020

HDFC Bank Credit Card Eligibility - Check Eligibility & Apply Online...

HDFC Bank is the largest issuer of Credit Cards in India. It offers Cash Back Credit Cards, Travel Credit Cards, Shopping Credit Cards. To apply for HDFC credit card all you have to do is to follow...

Continue Reading
2019-11-09
Nov 09, 2019

A QUICK GUIDE FOR FIRST TIME HOME BUYERS IN INDIA...

  • First time home buyers should carefully plan their home purchase.
  • Some tips for first time home buyers are:
2020-03-26
Mar 26, 2020

A Step By Step Procedure For Personal Loan...

In the world full of uncertainties, you never know when you might need emergency funds. Thankfully, there are various options available in the market, thanks to personal loans. This is an unsecured...

Continue Reading
2019-11-07
Nov 07, 2019

How to get a better interest rate on a Personal Loan...

It may happen that despite a bank providing you with a personal loan at a low rate of interest (ROI) you may close up paying a higher interest rate amount at the end of the loan tenure.

T...

Continue Reading
2020-04-03
Apr 03, 2020

Everything You Want to Know About a Personal Loan...

Today, an increasing number of people are applying for Personal Loans to satisfy their financial expenses including a medical emergency, for wedding expenses, home renovation, and starting a new bu...

Continue Reading
2019-10-24
Oct 24, 2019

Top 5 Reasons to Avail a Personal Loan This Diwali...

Personal Loans are new-age friends in need. They have become a reasonable way of financing. With the ease of access, customers are now us...

Continue Reading
2019-10-22
Oct 22, 2019

Home Loan Interest Rates: Top 15 Banks that offer the Lowest Interest Rate...

Home Loan is apparently the biggest loan that most people ever take. Not only in terms of the loan amount but also loan tenures, which can ea...

Continue Reading
2020-03-26
Mar 26, 2020

Step-By-Step Process to Apply for Personal Loan...

A personal loan is used to financing your emergency expenses (for a medical emergency, for wedding expenses, child’s education, for home renovation, a dream vacation tour, and starting a new ...

Continue Reading
2019-10-17
Oct 17, 2019

HDFC lowers lending rates by 10 bps to 8.25%...

Mortgage major HDFC on Monday announced a 0.10 percentage points decrease in its floating rates, joining a growing list of lenders which are revising down their loan prices.

The move, app...

Continue Reading
2019-10-17
Oct 17, 2019

Home Loan Interest Rates May Now Vary Based on Borrower's Cibil Score: Report...

Bank of Baroda, Union Bank of India and Syndicate Bank have started the practice of segregating retail loans into their own versions of prime and subprime risk exposure.

Lending rates in ...

Continue Reading
2019-10-17
Oct 17, 2019

How to plan the right Budget when you buy a new Home?...

Buying a new home is an exciting yet stressful ordeal. While owning a home holds sentimental value, you must remember that it is a big financial decision. Buying a new home requires you to pool you...

Continue Reading
2019-10-18
Oct 18, 2019

How to Choose the Best Home Loan in India?...

Buying a home is a dream for many and involves a lot of financial planning. We at LoanMoney offer you Home Loan solution and information to either buying/construct a new home, or refurbish an exist...

Continue Reading
2019-10-18
Oct 18, 2019

Why a Business Loan is a convenient option for availing funding...

India is home to tens and thousands of micro, small and medium scale businesses. Every business here is different in its own way. However, one important factor that dominates every business here, i...

Continue Reading
2020-02-24
Feb 24, 2020

How to Find the Best Personal Loan for Your Needs...

Personal Loan is an unsecured loan which means it does not require you to pledge any collateral against your loan. A major benefit of tak...

Continue Reading
2020-02-25
Feb 25, 2020

Get Your Personal Loan Approved With These Tips...

What is a Personal Loan?

Personal Loan is an Unsecured Loan, It does not require an residential/commercial property to be offered as a security for the b...

Continue Reading
2020-03-31
Mar 31, 2020

Documents Required for Home Loan - Salaried/self-employed/professional...

Home Loans help to fulfil all housing finance related requirements. But to do so, they want some documents to be sure of the borrower. Also, home loans are secured loans. As such, the banks want to...

Continue Reading
2020-02-12
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 wh...

Continue Reading

Stay Connected With Us