Personal loan providers follow simple registration and processing procedures to ease lending for customers. They provide an online interface for user registration, validation of documents, and loan transfer to get quick loan sanctions.

A personal loan is a non-collateral lending arrangement provided by banks and Non-Banking Financial Institutions (NBFCs). There are no fixed purposes to use personal loans and this makes them a popular choice for customers. Personal loans have easy repayment tenure though interest rates are usually high compared to gold loans.

The stamp duty charge is usually 0.1% on the total loan amount if the loan amount is less than Rs 10 lakhs.

The interest rate on Rs. 1 lakh loan would entirely depend on the chosen loan tenure. If the tenure is less, the interest will be higher, while it will be lower if the chosen tenure is higher.

The fixed interest rate on a personal loan remains unchanged throughout the loan tenure. A floating interest rate fluctuates throughout the loan tenure.

You can use IIFL Finance’s personal loan EMI calculator, which will calculate the total interest payout based on selected factors such as the loan amount and tenure.