What is a personal loan?
A personal loan is an amount of money you may borrow to use for a variety of purposes. as an instance, you may use a private loan to consolidate debt, pay for home renovations, or plan a dream wedding. personal loans may be provided through banks, credit unions, or online lenders. The cash you borrow need to be repaid over time, usually with interest. some lenders may additionally rate charges for personal loans.
Personal loans may be secured or unsecured. A secured personal loan is one which requires some form of collateral as a circumstance of borrowing. for instance, youmay secure a personal loan with cash assets, including a savings account or certificates of deposit (CD), or with a physical asset, which includes your vehicle. if you default at the loan, the lender ought to keep your collateral to fulfill the debt.
Unsecured personal loans allow you to borrow money without having to provide any assets, inclusive of your vehicle or your property, as collateral. The decision to provide someone an unsecured personal loan is based totally on their potential to pay back the money you borrow.
Features of a Personal Loan offered by LoanGenic
Loangenic offers customers personal loan for Rs. 1 Lakh to Rs. 40 Lakh at attractive interest rates for tenure starting from 12-60 months. The long tenure period ensures you could select, when you want to repay your loan amount and reduces pressure on your monthly finances
Avail attractive interest rates
The common home loan interest rates are from 6.5% to 7.00% in India as of March 2021. The rates usually vary from lender to lender, RBI-prescribed repo rate, inflation, financial activities, and lots of other factors. Some banks also provide a special privilege to women, bank workforce, and senior citizens by way of providing a 0.05% concession on the house loan interest rate.
Similarly, a home loan interest charge can either be constant or floating in nature. a fixed-rate home loan stays the same for a duration particular through the financial institution.
Application process
When you apply for a home loan via LoanGenic, you can get a loan whose application process is very user friendly. You can check your loan eligibility, utilize our home loan calculator (above), get an approximate estimate on your loan EMI amount and after you're convinced with the amount, you can fill the loan application form. On approval you will get the home loan amount.
Eligibility
Banks have a long list of eligibility criteria for home loans. The first thing banks look at its credit history to understand their repayment habits. Typically, a credit score of 680 and above is preferred.
What is a Business Loan?
Business loan is form of financing you may avail to fulfil the urgent need of developing business or if you want funding to amplify your existing business, purchase machinery or enhance production.
Flexi loan facility
It’s available at attractive interest rates, borrow capital without pledging any of your assets, and get right of entry to credit score that may be repaid over particular period of time.
Loans up to Rs.45 lakh
Loangenic gives easy and quick business loans up to Rs.45 lakh at low interest rates. Whether or not your business needs short-time period loans, intermediate-time period loans or long-term loans, this business loan for SMEs is the proper financing solution for you.
Hassle-free unsecured loans
There are numerous factors that decide whether organizations and start-up marketers may be capable of use loans as debt capital. The organization’s credit score quality is the most essential, however other traits like the amount of time a business has been round, any collateral it is able to provide, and current financial fitness can all make a difference.
Loan Tenure
The tenure of a car loan for a new car is usually longer than the used car, and it ranges between 5 years to 7 years.
Loan Amount
The amount for a car loan depends upon the value of the car and the EMI you can pay and can range between 85% to 100% of the ex-showroom price.
Down Payment
Banks offer car loans at an on-road price or ex-showroom price. You may get a loan either at 80% of the on-road price or 100% of the ex-showroom price. Thus, the down payment for a car loan may be negligible..
Interest Rates
You can get car loans at both fixed and floating rate of interest. Currently, the car loan interest rate ranges between 6.50% to 20.00%
With LoanGenic, your firm can work with an experienced banker to create a specifically tailored loan to fit the individual needs of your professionals for capital and partnership requirements.
- Loans tailored to fit individual needs and specifications
- Streamlined application process for employees making the investment in capital
- Experienced banker can make quick decisions
- For established professional loan programs, loans can be approved in as little as 24 hours
