Personal Loan FAQs
Know everything about our Personal Loan
It is best to borrow in the most informed manner possible. Both first-time and experienced borrowers may have doubts or misconceptions about certain aspects of borrowing. To address such issues, here are answers to the most frequently asked questions.
What is a Personal Loan?
A personal loan is an unsecured loan, which means you don't need to pledge collateral to receive funds. You can use the money for any personal expense.
Where can a Personal Loan be used?
Personal Loans can be used for any personal expense, like Shopping, Home Renovation, Higher Education, Debt Consolidation, Tour Travel, Wedding, Medical emergency, etc.
What is the eligibility for a Personal Loan?
The following people are eligible to apply for an Instant Personal Loan:
- Individuals between 21 and 60 years of age.
- Individuals who have had a job for at least 1 year.
- Employees of private limited companies, employees from public sector undertakings, including central, state and local bodies.
- Those who earn a minimum of Rs. 15,000/- net income per month.
How to apply for a Personal Loan in Our Partnered NBFCs?
With Nowofloan's Premium Membership, people can apply for a Personal Loan in our Partnered NBFCs.
What credit score is required for a Personal Loan?
Usually, the required credit score for a Personal Loan is 650 or more.
What CIBIL Score is required for a Personal Loan?
Commonly, the required CIBIL score for a Personal Loan is 650 or more.
How long will it take for my Personal Loan to be processed?
Once your application is submitted along with your documents, it can take anywhere between 1-7 days for your personal loan to get approved and a couple of days after that for the disbursement. The final loan approval/sanction depends on the NBFCs’ criteria and the customer profile.
Can my CIBIL Score affect my loan sanction?
Your CIBIL score is a crucial factor that plays an important role in your loan process and sanctions.
Can I claim tax benefits on personal loans?
Yes, only if you use your personal loan amount for certain purposes like investing in a business, buying a residential property, investing in other assets, etc.
Can I apply for a personal loan online?
Yes, you can apply for a personal loan in our NBFC Partners by buying our Premium Membership.
Can I take a personal loan to repay my education loan?
A personal loan can be taken to effectively pay back the educational loan or any sort of loan or debt.
What are 3 things banks consider when giving loans?
- CIBIL Score
- Income Proof & Stability
- Age of the loan applicant
