Personal Loan is kind of unsecured loan people take for vacation, wedding, medical expense, education, home renovation etc. 

Benefits of Personal Loan-

•  Minimum documentation.
• You don’t have to disclose the reason why you are taking it.
• The interest rate is not so high.
• It makes your credit score high if you repay it timely.
• The interest rate is fixed.
•  The disbursal time of a personal loan is very fast. If you meet the all eligibility criteria it takes 72 hours.
• Last but not least you don’t need any guarantor for this loan.

Eligibility of Personal Loan–

• Minimum age of 21 years and maximum of 60 years.
• Minimum 2 years of work experience if self employed minimum 2 years of business experience.
• Minimum income 25,000
• Minimum CIBIL  score 650
• The applicant should have an account in this bank.

Documents require for approving personal loan 

• KYC DOCUMENTS:
• Pan Card
• Adhaar Card
• Voter’s ID
• Passport  Size Photo
• INCOME DOCUMENTS:
• Salaried: Last 3 years of PAYSLIPS, 6 months’ salary account bank statement.
• Self – employed: IT files of last 2 years, Financial Documents, last 6 months primary account statement of company.
• Installments applicant is currently paying, all the numbers of credit cards and credit limit applicant has.

• PROOF OF EMPLOYMENT / BUSINESS CONTINUITY
•  Salaried: Form 16 or appointment letter of 2 years earlier.
• Self Employed: Tax registration certificate of dated 2 years or earlier period.

Prepayment penalties, also known as exit fees, are exactly what they sound like: additional costs that a lending institution charges the borrower if he chooses to pay off his loan before the term ends.

Although prepayment fees definitely work in favor of lending institutions, clearly they don’t benefit borrowers. You might not even think to ask about exit fees when you sign your loan documents, which could later prove to be a costly mistake if you’re planning on paying off a loan early.

Here we are giving a list of banks and their pre closure charges.