Customers who already have an existing housing loan can opt for a personal loan at an attractive interest rate to meet their personal expenses.
Mentioned below are certain reasons why one should opt for a personal loan from CanFinHomes Limited:
|Interest Rate||Loan Amount||Processing Fee|
|Based on the prevailing card rate||Up to Rs.75 lakh||Based on the terms and conditions as set by CanFinHomes|
Listed below are the documents that an applicant would need to submit to avail a personal loan from CanFinHomes Limited:
To be eligible to avail a personal loan from CanFinHomes Limited, the applicant should already have an existing housing loan from the company where the EMI (equated monthly installment) has already commenced.
Let us assume that Mr. Pradeep availed a personal loan from CanFinHomes Limited of Rs.2.5 lakh, where the interest rate was fixed at 11% and the repayment tenure chosen by Mr. Pradeep is 12 months. The processing fee for the personal loan is fixed at 1% of the total loan amount availed by Mr. Pradeep.
|Year||Principal Paid(A)||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance|
Considering that the repayment tenure chosen by Mr. Pradeep is 12 months, Mr. Pradeep will be required to pay an EMI (Equated Monthly Installment) of Rs.22,095 to clear the personal loan. The EMI includes the principal amount of the personal loan and the interest rate added over the borrowed sum.
No, to be eligible to avail a personal loan from CanFinHomes, you will need to have an existing home loan with CanFinHomes and the EMI of the home loan should have already commenced. The personal loan scheme offered by this company is basically a bonus for those who have availed a housing loan from them.
The rate of interest will depend on the prevailing card rate and the terms and conditions as set by CanFinHomes.
Your request to avail the maximum loan amount of Rs.75 lakh will depend on whether you will be deemed responsible to repay the loan.
The maximum repayment tenure is 10 years, you can choose 5 years if you can handle your finances.
The EMI basically breaks down the principal amount of the personal loan and the interest added over the loan by the repayment tenure chosen by the applicant. The EMI calculator will take all the factors into consideration and display the total amount you will have to pay back every month.
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