Personal Loan FAQs

What is the best way to apply for an Personal Loan?
You can start the process of applying for a Personal Loan in any of the following ways:

Online by applying in the website / By calling on 022-40033770 / mail us at sales@spectrumbizcredit.com

What is the minimum and maximum amount of Personal Loan that I can get?

you can get a Personal Loan from Rs. 1 lakh to Rs. 20 lakhs. Some of the the factors Bank consider when deciding a loan amount are:

Your requirement and eligibility / Your income / Your repayment capacity

Can I get a Personal Loan for business?
Yes! Bank/NBFCs offers Personal Loans for business and to self-employed individuals.

What is the tenure for which I can avail a Personal loan?
Bank offer you a flexible tenure ranging from 12 to 60 months.

Do I need to pay a fee to apply for a Personal Loan?
Yes, banks/NBFCs charge a non-refundable processing fee for every Personal Loan application. The processing charge to avail of an Banks Personal Loan ranges between 1.5% to 2% of the loan amount plus service tax as applicable.

Are there any charges after I get a Personal Loan?
There may be. To check the schedule of charges associated with transactions, please call us.

How do I keep track of my Personal Loan? For example, how do I get my statements, and repayment schedule?
You may place request for Statement of Acccount or Repayment Schedule or Interest Certificate in either of the following ways:

What are my different options for making my EMI payments? Is there a preferred one?
You may repay your Personal Loan in any of the following three ways:

Standing Instruction (SI): This mode can be used if you have an existing savings, salary, or current account with the Bank. You may wish to open a savings account with the Bank to use this option. Your EMI amount will be debited automatically at the end of the monthly cycle from the Bank account you specify.

Electronic Clearing Service (ECS): This mode can be used and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs) : You can submit post-dated EMI cheques from your bank account. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

We recommend that you opt for either the SI or ECS mode of payment as they are both faster and less prone to error than the use of PDCs.

Can I make part-prepayment towards my Bank Personal Loan? Will any charge be applicable?
Yes, you can make a part-prepayment towards your Personal Loan at your nearest Bank Loan Center. Currently, some Bank levies no charge for part prepayment.

How do I foreclose my Personal Loan? Will there be any charge for the foreclosure?
Before Bank process a foreclosure, all outstanding dues must be cleared. So we request you to first check for and clear any remaining amount that may be payable towards your Personal Loan by requesting a foreclosure statement from your nearest Bank Loan Center.
Once all outstanding dues have been cleared, please submit a foreclosure request at the Loan Center, and we will begin processing your request.
Currently, Some Bank levies no charge for pre-closure of a Personal Loan account.