If all documentation is in order and eligibility is met, the approved loan amount can be credited to your account quickly
 

Loan disbursement against a Personal Loan is almost instant once all the required documents are submitted and the loan agreement is signed by both you and the lender.

The Instant loan in Kolkata comes with a tenure option ranging from three months to three and a half years. Most lenders will allow you to prepay the loan after a minimum of three months. Lenders may charge a penalty or pre-payment fee if you choose to repay your loan early.

You do not need any collateral for a Personal Loan in Kolkata if you meet the basic requirements of age and income source. (Refer to Question 2 of the FAQs for more details).

A Personal Loan is an unsecured loan. However, if you do not meet these requirements of age and income source, some lenders will offer you the loan against a collateral.

The EMI you will need to pay will depend on the loan amount, the interest rate as well as the time taken for repayment. For e.g., if you take a loan of INR 50,000/- at an interest rate of 25% and repayment tenure of 12 months, your EMI will be INR 4,752/-. However, if you take a loan of INR 500,000/- with the interest rate of 25% and repayment tenure of three and a half years, the EMI will be INR 17,979/-.

In order to get an instant personal loan approved in Kolkata, you need to be a salaried individual of 23 years of age or more. You also should have been working for at least a year.

Alternatively, if you are self-employed and are at least 25 years of age, you could get a quick personal loan if your business is at least 3 years old.

Whether salaried or self-employed, a good credit score of 700 and above is of prime importance. Equally important is your ability to demonstrate that you are in a position to pay your EMIs in a timely fashion.

You can borrow anything ranging from INR 5000/- to INR 500,00/-, as long as you have the ability to pay the EMIs as per schedule.