If you fail to pay your monthly EMIs on time, then the lender can charge an additional fee as a penalty. These additional charges will further add to the overall loan amount for the personal loan EMI that you need to pay to the lender.
Easy Monthly Installments (EMI) refer to the monthly payments made by the borrower to the lender. Personal loan EMI is paid against both the principal and interest amount of the loan.
There are multiple ways for you to pay your personal loan EMI. Here is a list of options for personal loan payment: -
If you are planning to get a personal loan from Muthoot Finance, then you can use the Personal Loan EMI Calculator to calculate your EMIs towards the loan amount. All you need to do is simply enter your loan amount and loan tenure to find out your monthly EMIs.
Loan closed/closure: A loan is marked close when the borrower pays all the loan amount (principal amount + interest) in a timely manner without any failure.
Personal loans do provide tax advantages depending on how the loan is used. The Indian Income Tax Act permits tax deductions for loans taken out for particular objectives, such as education, home improvement or purchase, business expansion, etc.
Property construction: According to Section 24 of the IT Act, if the loan amount is utilised to buy or build a home, the interest paid can be deducted from your taxable income.
Yes, you have the option of a balance transfer when you take a personal loan. A Personal Loan balance transfer is the procedure by which a borrower moves the whole outstanding personal Loan amount from one bank to another. Typically, it occurs when the new bank offers a reduced interest rate on the outstanding loan balance. Therefore, the main goal of a personal loan transfer is to lessen the total amount of debt.
Today getting a personal loan is handy and hassle-free. At Muthoot Finance, with minimal documentation, quick processing and reasonable interest rates, you can get an instant personal loan. After filling out the loan application, submit the required documents like bank statements for income proof, address proof, identity proof etc., to the bank. The loan amount will be disbursed as soon as your proofs and documents are validated by the concerned authorities.
When a person submits all the necessary documents required in the bank, then the bank officials verify them, and after approval, the personal loan amount is disbursed to the customer's bank account.
The maximum tenure for personal loans differs from lender to lender to ensure that the borrowers can choose as per their financial situation and goals. However, the maximum tenure period for a personal loan that Muthoot Finance offers is five years. Before applying for an instant personal loan online, on our website, you can get an idea of your monthly EMI with the help of a personal loan EMI calculator by adding the estimated loan amount and tenure.
