What is Personal Finance?
It is a range of financial solutions and strategies designed to help you meet expected and unexpected financial needs. These convenient financing solutions can cover a wide range of expenses, from consolidating debt and financing medical emergencies to pursuing educational goals and fulfilling lifestyle aspirations.
- Competitive interest rates
- Quick and transparent processing
- Convenient repayment options
Our Personal Finance Products
Compare Our Personal Finance Products
| PRODUCT TYPE | PERSONAL LOAN | FLEXI LOAN |
|---|---|---|
| Purpose Suggests who should get this loan. Remember, it’s only a suggestion. |
Consolidating debt, financing medical expenses, pursuing education, fulfilling lifestyle aspirations | To get funds instantly and repay the loan at your convenience. |
| Who Can Apply Who can apply for this loan |
Salaried
Age: 21 to 60 years, Credit score: above 750+ Salary (Min/per month):
|
Salaried |
| Loan Amount The duration for which the policy is in effect. |
Up to ₹50 lakhs | |
| Tenure The sum assured along with bonuses that are paid to you when you survive the policy period. |
Up to 7 years | Up to 7 years |
| Interest Rates The option to decide how often you want to pay premium - monthly, quarterly, yearly etc. |
13% to 28% | 11% to 16% |
| Processing Fee Indicates the investment-related risks of the plan. |
Up to 2.5% of the loan amount | Up to 2.5% of the loan amount |
| Additional Features Indicates how easy it’ll be to access cash from your policy. |
No collateral needed | Interest charged only on the utilised amount |
| APPLY NOW | APPLY NOW |
Types of Personal Loan in India
Interest Rates Available
Fees & Charges
| Personal Loan Fees & Charges | |
|---|---|
| Indicative range of Rate of Interest |
10% p.a. to 28% p.a.
Note: ‘Broken Period Interest’ shall be charged and collected, wherever applicable |
| PENAL CHARGES | |
| Particulars of Charges | Details |
| Penal charges (charges levied for non-payment of dues) | 3% p.m. (36% p.a.) on the overdue amount for the delayed period |
| Penal charges for non-compliance with material terms and conditions (covenants / stipulated conditions) mentioned in the Sanction Letter / Loan Agreement, wherever applicable | 2% p.a. on the outstanding loan amount till the date of compliance |
| Cheque return/bounce charges / ECS/SI/NACH failure charges | Up to Rs. 1,000/- per instance and per agreed repayment cycle |
| Mandate cancellation charges (one time charge levied in case customer cancels an active mandate instruction for recurring repayment(s) and no new mandate is registered) | Rs. 450 per instance |
| OTHER CHARGES | |
| Particulars of Charges | Details |
| Processing Fees | Up to 4% of the Loan Sanctioned Amount |
| Part Pre-payment charges |
Up to 7% of the Part Payment amount if done within 13 months
from the date of disbursal, up to 6% of the Part Payment amount
if done from 13 to 25 months from the date of disbursal &
up to 5% of the Part Payment amount post 25 months.
For Dropline Credit & Flexi Dropline Credit Facility – (A) No charges for payments through mobile app/portal. (B) Part pre-payment of loan facility towards limit reduction is not available. Conditions: (A) Maximum cumulative part prepayments of up to 20% of the principal outstanding during a year shall be permitted, calculated on a per-transaction basis. (B) This charge will be applicable only for fixed rate loans. |
| Foreclosure charges |
Up to 7% of the Principal Outstanding/Withdrawable amount if
done within 13 months from the date of disbursal, up to 6% of
the Principal Outstanding/Withdrawable amount if done from
13 to 25 months from the date of disbursal & up to 5% of
the Principal Outstanding/Withdrawable amount post 25 months.
Condition: This charge will be applicable only for fixed rate loans. Principal Outstanding is applicable to: Term Loan & Flexi Personal Loan Facility. Withdrawable limit is applicable to: Dropline Credit & Flexi Dropline Credit. |
| Non-Utilization Charges |
For Dropline Credit & Flexi Dropline Credit Facility only:
Charge of 0.25% per month (3% p.a.) on the non-utilized Dropline Credit Facility (Total Withdrawable Limit minus Average Monthly Utilized Amount); applicable where average monthly utilization is ≤25%. |
| Loan Cancellation Charges |
Cancellation allowed within 7 days from the date of disbursal
subject to following charges (plus additional taxes wherever applicable):
1. The applicable processing fee to be retained before reversing the funds. 2. For any cross-sell product, including third-party product fees, the charges should be retained before reversing any funds. Only insurance-related charges will be reversed if the customer has made an upfront payment, provided the associated policy is cancelled and the corresponding refund amount is received by ABCL. 3. Rs. 2000 charge of cancellation to be paid by the customer. Post cooling off period Foreclosure charges are applicable. |
| Statement of Account/ Repayment Schedule/ any other document/statement | For Physical copy, Rs. 500 per request |
| Duplicate No Due Certificate Issuance Charges/ No-Objection Certificate Issuance Charges | Rs. 1000 per instance |
| Charge For Exchanging PDCs, Security Cheques (Per Set) / ECS / NACH re-registration charges | Rs. 750 per instance |
| EMI cycle change date |
Rs. 750 per instance
Note: Interest accrued (from original EMI date to revised EMI date), if any, on account of EMI date change interest shall be applicable and payable upfront over and above the EMI change date charges. |
| Loan Re-Schedulement charges (on request from applicants, approval to be at sole discretion of ABCL) | Rs. 5,000 per instance |
| Cheque Re-Issuance charges | Rs. 500 per instance |
| Annual Maintenance Charges |
For Dropline Credit & Flexi Dropline Credit Facility only:
0.25% on total withdrawable amount deducted at the beginning of the each year, irrespective of utilization on the date of levy of such charges. |
| Principle Holiday Fee |
For Flexi Personal Loan & Flexi Dropline Credit Facility:
₹1,999 for loan amounts between ₹1,00,000 and ₹3,00,000 ₹2,999 for loan amounts between ₹3,00,001 and ₹6,00,000 ₹3,999 for loan amounts between ₹6,00,001 and ₹9,00,000 ₹5,999 for loan amounts between ₹9,00,001 and ₹12,00,000 ₹7,999 for loan amounts between ₹12,00,001 and ₹15,00,000 ₹9,999 for loan amounts between ₹15,00,001 and ₹18,00,000 ₹11,999 for loan amounts between ₹18,00,001 and ₹21,00,000 ₹14,999 for loan amounts greater than ₹21,00,000 will be deducted upfront from the loan amount. |
| Stamp Duty | As per actuals |
| Legal and other statutory charges | As per actuals |
| Filing Financial information with Information Utility (NeSL) | As per actuals |
| Note: GST at applicable rates, shall be levied as per the prevailing law for Banking & Financial services sector including NBFC. | |
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