Personal Loans in Gurgaon

A personal loan application usually gets approved within 1-5 working days. However, in the case of some lenders, digital applications may get approved within a few minutes of the loan application.

Lenders generally do not extend loans to candidates with poor credit ratings. If they do, higher interest rates and fees are charged on the loan. Loan seekers with bad credit scores must try to gain a lender’s trust and establish credibility.

Yes, prepayment and foreclosure options are a common feature of personal loans. However, applicable prepayment/foreclosure charges must be checked before making advance repayments.

Apart from levying late payment penalties, lenders can take legal action against a personal loan defaulter. The inability to repay a loan negatively affects a candidate’s credit ratings and makes it difficult to obtain loans in future.

Yes, multiple loan applications can be made, but they often cause more harm than good. Candidates with multiple loan applications with different lenders invite suspicion and delays in loan approval. Hence, it is advised that after thorough research, one must apply for a personal loan from a few suitable lenders.

Yes, personal loans can be extended to self-employed and freelancing individuals, provided they fulfil the eligibility criteria and establish their repayment potential.

Yes, personal loans can be transferred from one lender to another. A personal loan can be easily transferred after applying for a loan transfer at one’s existing bank and collecting a NOC. Also, new interest rates and net savings are key factors before transferring the loan.

Once the loan is fully repaid, banks usually close a loan account independently. However, one must not forget to obtain a No Objection/ No Dues Certificate from the bank upon the closure of the loan account.