Kapol Bank offers personal loans for salaried and self-employed individuals as well business professionals at attractive interest rates and flexible tenures.
|Interest Rate||Loan Amount||Processing Fee|
|16.50% p.a.||Maximum Rs. 2 lakh||As mentioned in loan document|
Financial institutions in India request for certain documents at the time of application. Given below is a general list of the documents that can be asked by the bank:
Unlike most loan options such as home loans or car loans where the lender provides a certain amount towards a specific purpose, the personal loan can be availed for any immediate financial requirement. To better understand the working of a personal loan, let’s make use of an example. Ms. Shanti wished to spend Rs.1 lakh for her daughter’s education expenses. Hence, she applied for a personal loan for the said amount with Kapol Bank and agreed to repay the amount in 1 year at 16.50% p.a. interest.
Assuming no processing fee was charged, the EMI schedule for 12 months is as given below:
|Month||Principal Paid(A) (in Rs.)||Interest Paid(B) (in Rs.)||Total Payment (A+B) (in Rs.)||Outstanding Loan Balance (in Rs.)|
To calculate the EMI for the loan amount looking at, use our EMI calculator
|Parameters||Kapol Bank Personal Loan||Punjab National Bank Personal Loan||Corporation Bank Personal Loan||HDFC Bank Personal Loan|
|Interest rate||16.50% p.a.||10.45% p.a. onwards||12.9% p.a. onwards||15.5% p.a. onwards|
|Processing fee||As mentioned in the loan agreement||1.8% of loan amount||1.5% of loan amount||Up to 2.5%|
|Maximum loan quantum||Rs.2 lakh||Rs.15 lakh||Rs.3.5 lakh||As mentioned in loan agreement|
|Maximum repayment tenure||60 months||84 months||60 months||60 months|
The EMI payable for a personal loan basically depends on the loan amount availed, the interest rate offered by the bank, and the repayment tenure chosen. Processing fees, if any, will also affect the EMI amount.
Yes, in case your profile does not fit the requirements of the bank in terms of credibility, the bank can reject the application. However, you can always apply for a loan from a different bank in such cases.
Personal loan amounts can be used for any immediate expenses that arise. It could be anything from one’s wedding expenses to one’s child’s expenses.
No, you need not provide a collateral for a personal loan. Personal loans are, in most cases, unsecured loans that do not need you to mortgage anything, hence are a convenient loan option.
Since the bank looks into your credit score, it is important to have a significantly high credit score. The higher the credit score, the higher the chance of getting a personal loan sanctioned.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.