What is a personal loan?

A personal loan is a non-secured loan that can be used for several personal ends uses or any other vital financial need. The main advantage of this loan is that the users do not need any assurance of asset to gain a personal loan.

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Why get Personal Loan from PowerCash?

PowerCash offers a Personal Loan as per your customer profile to provide you with the most personalized experience. Our services give you comparative scrutiny of what diverse banks are giving and guide you in your final decision.

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FAQs

How can I use a personal loan?
A personal loan can be utilized for any kind of expense varying from home renovations and appliance purchases to debt consolidation and luxury vacations. Personal loans can be beneficial that comprise payment to unexpected medical bills, down payment for a new house, investment in the business, car repairs, and much more.
Am I qualified for a personal loan?
You should have a daily source of income to get a personal loan whether you are a self-employed business person, remunerated individual, or a professional. A person's eligibility is known by the company he/she works in, his/her residential location, his/her credit history, and other aspects according to the lender's criteria.
Is there a requirement of a minimum personal loan amount that I should borrow?
Yes, although the proper amount of the minimum personal loan amount differs from one lending institution to other, several lenders have set their minimum personal loan main amount at INR 30,000.
How is the decision made for the maximum loan amount?
For salaried people, whilst evaluating the maximum personal loan amount, the financial institute/bank makes sure that the EMI does not surpass 30% to 40% of the applicant's take-home salary. Any present loans that are given to the applicant are also kept in mind when estimating the personal loan amount. For the self-employed, the loan value is given depending on the profit earned according to the most current accredited profit/loss statement. Also, the extra liabilities like existing loans for business taken by the applicant are considered.
What is the period of a personal loan?
Personal loans have a period of 1 to 5 years or about 12 to 60 months. In some cases, shorter or longer personal loan periods are enabled by the borrower.
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