Personal Loan

Personal Loan can be used for any Immediate Financial Needs like Children's Education, Medical Emergencies, Wedding Expenses, Home Renovation, Starting a Business or even for closing any other Financial Liabilities. The features of our Personal Loans are “No pre-payment and foreclosure charges”, “loan amount starting from Rs. 50,000 to Rs. 50,00,000”, “flexible repayment tenure”.

Personal Loans are flexible with minimal documentation, has fast approval mechanism and are open for all those who have a secured/regular income, irrespective of the purpose of application.

Personal Loan, as the name signifies, is funds give to individuals for personal purpose, without any restrictive conditions. Sometimes you just need some extra money.

firstcredit is an Authorized Direct Selling Agents of various National, Multinational and Non Banking Financial Companies for promoting their sales for asset division.

Purpose of Personal Loan :-
  • Marriage, Holiday, Medical, education, pay off higher loan of credit cards etc.
  • Buying Consumer Durables like TV, Fridge
  • House extension, Repairs
  • Help you build or improve your credit by adding another line of credit to your credit report. Your lender will report your monthly payments to the three credit bureaus—Equifax, Experian and TransUnion
Who is eligible for Personal Loan? :-
  • Salaried Employees
  • Salaried Director of Company Holding less than 10% shareholdings
  • Self Employed Professionals
Characteristics of Personal Loan Are :-
  • Personal Loan is given as a certain percentage of the Net Earning [For salaried: - Net Salary credited to bank; and for professional: - Certain Percentage of Receipts]
  • It is calculated on EMI [Equated Monthly Instalment] paying capacity of the borrower.
  • In general, a person is assumed to be eligible to payEMI up to 70% of NTH Salary.
Foreclosure Charges in Personal Loan:-

Many People have a question in their mind that what is Foreclosure Charges, Nil Foreclosure Charges, Nil Pre Closure Charges personal loan, No Prepayment Charges Facility, Zero Prepayment Fees in Personal loan, Zero Foreclosure charges on Personal loan.

Let’s discuss about Foreclosure facility on in personal loan, the term Loan foreclosure means that when a person do the full repayment of the remaining loan amount in one single & final payment instead of paying it back in multiple EMIs.

Some banks don't allow foreclosure of the loan as they won’t get the interest from the borrower and some banks allow foreclosure of the loan but they charge a certain amount from borrower. While taking a Personal Loan try to see if there is zero foreclosure charges or nil foreclosure charges facility available for borrowers. This can save your money which you was going to pay to the bank.

Therefore for the purpose of obtaining the maximum loan amount a borrower is eligible to obtain by considering:-
  • Only Net take home salary to be considered for eligibility
  • Existing liabilities: EMI on current loan of all types in a month
  • 50-70% of balance left.
  • Rate of interest and tenure on per Lacs factor.
  • Balance amount as above divided by factor per month.
  • Interest rates on the personal loan may range from 10.99% to 18%.
  • With the tenure of the loan up to 12 months to 60 Months.
  • Processing Fees of 4999/- - 2% is charged on loan amount, which is deducted from the disbursed amount.
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