Most banks specify the eligibility criteria that you will need to meet for your loan application to be approved on their respective form.
Most banks/financial institutions allow borrowers to choose a loan tenure between 1 year and 5 years, based on their convenience.
Yes, personal loan can be applied either by yourself (singly) or together with a co-applicant (jointly).The co-applicant needs to be a family member like your spouse or parents. By getting a co-borrower, your loan application will be processed in a higher income bracket, enabling you to avail a larger loan amount. However, keep in mind that if either you or your co-applicant have poor credit history, the chances of success of your loan application may be adversely affected.
EMI stands for Equated Monthly Instalments (EMIs), which is the fixed amount paid towards your personal loan repayment. It consists of both principal components and interest amounts. It gives you the ease and benefit of paying back the personal loan amount in smaller and easy instalments.
