Securing Hannav Ledger...
Securing Hannav Ledger...
Glossary
Personal loan is an unsecured loan for any personal purpose, approved based on income, credit score, and employment stability.
Personal loan is quick cash without collateral — for wedding, medical, or travel — but interest rates are higher than home loans.
Tenure typically 1–5 years. Rates 10–24% based on profile. No end-use restriction but no tax benefit. Prepayment charges may apply. Instant digital loans use alternative data alongside CIBIL.
₹5 lakh personal loan at 14% for 4 years → EMI ~₹13,700. Total interest ~₹1.58 lakh. Use only for necessary expenses, not lifestyle funding.
Personal loan usually lower rate than revolving card debt. Convert large card balances to personal loan if rate favourable.
Typically up to 20–30 times monthly net salary or ₹40–50 lakh cap depending on lender policy and credit profile.
Yes. Existing EMIs reduce eligible home loan amount through debt-to-income ratio assessment by underwriters.