WHAT IS 0 PROCESSING FEE IN PERSONAL LOANS?

The processing fee is a fee charged by a lender for processing a personal loan application. It is usually a percentage of the loan amount and is taken upfront when the loan is disbursed. A zero processing fee means that the lender is not charging any fee for processing the loan application, which can result in lower upfront costs for the borrower.

CAN I GET A PERSONAL LOAN WHILE STUDYING?

In general, students are not qualified for a personal loan since a steady source of income and a solid credit score are required. However, if you have a consistent monthly income and meet the lender's other eligibility requirements, you should have no trouble getting the loan.

WHAT IS THE MAXIMUM AMOUNT OF LOAN I CAN GET?

You can avail of a maximum personal loan amount of Rs. 50 Lakhs, though, every bank has its own personal loan limit.

WHAT IS THE CIBIL SCORE REQUIRED TO AVAIL OF A PERSONAL LOAN?

Banks will require your CIBIL score to be above 720 to provide a personal loan.

CAN MY LOAN APPLICATION GET REJECTED? IF YES, WHY?

Yes, there are enough possibilities of rejection if you make certain mistakes when you apply for an instant personal loan online, like:

Your income should be ideal to repay the loan amount you’ve asked for.

Too many existing loans and a high FOIR can lead your application to rejection.

A low credit score or poor credit history can be the reason behind the rejection.

Applying with more than one lender can create a bad impression on your credibility which can lead to the rejection of your loan application.

These are just a few basic reasons for rejection. However, individual lenders can show additional reasons too.