Personal Loan

Terms and Conditions:

1. Loan Nature & Eligibility:
   • A Personal Loan is an unsecured loan that does not require collateral or security.
   • Loans are offered to salaried or self-employed individuals based on income, credit profile, and repayment capacity.
   • The institution reserves the right to approve or reject applications based on internal credit policies.
2. Documentation & KYC:
   • Applicants must submit valid KYC documents (ID proof, address proof, PAN, income proof, etc.).
   • All details must be accurate and verifiable; incorrect information may lead to rejection or cancellation.
3. Loan Amount & Tenure:
   • Loan amount and tenure are determined based on eligibility, income, and credit score.
   • The tenure typically ranges from short-term to medium-term, depending on the lender's policy.
   • Loan approval is subject to internal assessment and regulatory compliance.
4. Interest Rate:
   • Interest rates are determined by the lender based on risk assessment and market conditions.
   • Rates are typically fixed or floating and are clearly disclosed before loan approval.
   • Interest is calculated on the outstanding loan balance.
5. Repayment (EMI):
   • The loan shall be repaid in Equated Monthly Instalments (EMIs), including principal and interest.
   • The repayment schedule will be shared in advance in the loan agreement.
   • Timely payment is mandatory to maintain a good credit record.
6. Charges & Fees:
   • The borrower shall pay applicable charges, including:
     • Processing fees
     • Documentation charges
     • Late payment / penal charges
     • Prepayment / foreclosure charges (if applicable)
   • All charges must be clearly disclosed upfront as per RBI transparency norms.
7. Prepayment & Foreclosure:
   • Borrowers may prepay or foreclose the loan, subject to terms specified by the lender.
   • Any applicable charges or conditions will be mentioned in the loan agreement.
8. Credit Assessment:
   • Loan approval depends on:
     • Income stability
     • Employment/business profile
     • Credit score/history
   • A strong credit profile improves approval chances and may result in better interest rates.
9. Default & Penalties:
   • Delay or non-payment of EMI may attract penal charges and additional interest.
   • Continuous default may lead to:
     • Negative credit score impact
     • Legal recovery proceedings
     • Classification as Non-Performing Asset (NPA) as per RBI norms
10. Transparency & Fair Practices:
    • The lender shall provide a Key Facts Statement (KFS) with complete loan details, including interest, charges, and repayment schedule.
    • All terms must be clearly communicated, ensuring fair and transparent lending practices.
11. Data Privacy & Consent:
    • Customer information shall be used only for loan processing and compliance purposes.
    • Data will be handled in accordance with applicable privacy and regulatory guidelines.
12. Amendments & Regulatory Compliance:
    • All Personal Loans are governed by RBI guidelines and applicable laws.
    • Terms and conditions may be revised from time to time as per regulatory updates.