Personal Loan – SJD Consultant

Quick Guide on Personal Loan:

Embark on your journey to financial freedom with our diverse range of Personal Loan solutions at SJD Consultancy Service. Whether you’re dreaming of a luxurious vacation, planning to pursue higher education, or need assistance with unexpected expenses, we’re here to support you every step of the way. Our Personal Loans are crafted with your unique needs in mind, offering flexible terms, competitive interest rates, and hassle-free application processes.

At SJD Consultancy Service, we understand that every individual’s financial situation is different. That’s why our experienced team takes the time to understand your specific requirements and tailor a loan package that aligns perfectly with your goals and budget. From the initial consultation to the final disbursement of funds, we provide expert guidance and personalized assistance to ensure a seamless borrowing experience.

With our transparent policies and commitment to integrity, you can trust SJD Consultancy Service to help you navigate the complexities of personal finance with confidence. Take the first step towards achieving your dreams today by partnering with us for your Personal Loan needs. Let us empower you to live life to the fullest, without letting financial constraints hold you back.

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Frequently asked Questions

Q. What is a personal loan?

Simply put, it is an unsecured loan taken by individuals from a bank or a non-banking financial company (NBFC) to meet their personal needs. It is provided on the basis of key criteria such as income level, credit and employment history, repayment capacity, etc. Unlike a home or a car loan, a personal loan is not secured against any asset. As it is unsecured and the borrower does not put up collateral like gold or property to avail it, the lender, in case of a default, cannot auction anything you own. The interest rates on personal loans are higher than those on home, car or gold loans because of the greater perceived risk when sanctioning them. However, like any other loan, defaulting on a personal loan is not good as it would reflect in your credit report and cause problems when you apply for credit cards or other loans in the future.

Q. For what purposes can it be used?

It can be used for any personal financial need and the bank will not monitor its use. It can be utilised for renovating your home, marriage-related expenses, a family vacation, your child's education, purchasing latest electronic gadgets or home appliances, meeting unexpected medical expenses or any other emergencies. Personal loans are also useful when it comes to investing in business, fixing your car, down payment of new house, etc.

Q. What is the Eligibility criteria for personal loan?

Although it varies from bank to bank, the general criteria include your age, occupation, income, capacity to repay the loan and place of residence. To avail of a personal loan, you must have a regular income source, whether you are a salaried individual, self-employed business person or a professional. An individual's eligibility is also affected by the company he is employed with, his credit history, etc.

Q. What is the Maximum loan duration?

It can be 1 to 5 years or 12 to 60 months. Shorter or longer tenures may be allowed on a case by case basis, but it is rare.

Q. What is the Disbursal of loan amount?

Typically, it gets disbursed within 7 working days of the loan application to the lender. Once approved, you may either receive an account payee cheque/draft equal to the loan amount or get the money deposited automatically into your savings account electronically.