About Personal Loan

A personal loan is a type of loan that allows individuals to borrow a fixed amount of money from a bank or financial institution for various personal purposes. Unlike specific-purpose loans like home loans or car loans, personal loans provide flexibility as the funds can be used for a range of needs, such as debt consolidation, home improvements, medical expenses, education expenses, or even a dream vacation.

Personal loans are typically unsecured, which means they do not require collateral. Instead, the borrower's creditworthiness, income, and financial history play a significant role in determining the loan amount, interest rate, and repayment terms.

One of the key advantages of a personal loan is the quick access to funds, with relatively simple application and approval processes. Once approved, borrowers receive a lump sum amount and repay it over a fixed period through monthly installments.

Interest rates on personal loans can be fixed or variable, depending on the terms and conditions set by the lender. It's important to compare different loan options, considering interest rates, fees, repayment terms, and other factors, to find the most suitable loan for your needs.

Phone Touch Finance understands the significance of personal loans and aims to simplify the loan acquisition process. Through our platform, we connect borrowers with multiple lenders, providing a wide range of personal loan options. Our goal is to empower individuals to make informed decisions, access funds conveniently, and achieve their financial goals with ease.

Types of Personal Loan

Medical Expense Loans

These loans can help cover medical expenses not covered by insurance, such as elective surgeries, dental treatments, or fertility treatments.

Education Loans

These loans are specifically tailored to cover educational expenses, such as tuition fees, books, accommodation, and other related costs for pursuing higher education.

Personal Line of Credit

This type of loan provides a predetermined credit limit that you can borrow against as needed. You only pay interest on the amount you use, and you can borrow and repay multiple times within the credit limit.

Emergency Loans

These loans provide quick access to funds during emergencies, such as medical emergencies, unexpected car repairs, or urgent home repairs.

Top Features and Benefits of Personal Loan

Flexible Loan Amount

Personal loans offer a wide range of loan amounts, typically ranging from Rs. 5,000 to Rs. 5 lakhs or more. This flexibility allows you to borrow an amount that precisely meets your financial needs, whether it's a small expense or a larger investment.

Instant Loan From Multiple NBFCs and Banks

Access instant loans from multiple banks through a single platform. Phone Touch Finance connects you with a network of trusted banks, enabling you to compare loan offers, select the best option, and receive funds quickly. Simplify the loan process and get the financial support you need without the hassle of approaching individual banks separately.

Affordable Interest Rates

Enjoy competitive and affordable interest rates starting at just 13% p.a. onwards Phone Touch Finance ensures that you have access to loan options with attractive interest rates, allowing you to save money on interest charges and make your loan more affordable. We work with our partner banks to provide you with the best possible interest rates based on your financial profile and creditworthiness.

Free Expert Consultancy

Access personalized guidance and support from our experienced financial consultants at no cost, helping you navigate the loan process and make informed decisions with confidence. Benefit from valuable insights and tailored solutions as our experts assist you every step of the way.

Personal Loan Interest Rates and Other Charges

When considering a personal loan, it's important to understand the interest rates and other charges associated with the loan.Interest rates determine the cost of borrowing, while other charges such as processing fees, prepayment penalties, and late payment fees can impact the overall cost of the loan.

Fees & Charges	Amount
Interest Rate	Starting from 13% per annum
Loan Processing Charges	Starting from 2% to 5% of the loan disbursement amount
Interest on Overdue EMIs	In case of delayed or missed payments on your personal loan, a penalty of 2% per month will be charged on the outstanding EMI or principal loan amount.
Foreclosure Charges	While there are no preclosure charges for your personal loan, it is important to note that foreclosure is typically allowed only after a minimum number of EMIs have been paid. Ensure you meet the specified criteria before considering the early repayment of your loan.

Personal Loan - Eligibility

Any salaried, self-employed or professional Public and Private companies, Government sector employees including Public Sector is eligible for a personal loan.

For Salaried Individuals

Applicants must be between 21 years and 57 years.
Income should be at least Rs.15000 monthly and must be credited directly to the applicant's bank account.
You should have a minimum of two years of employment with your present organization for salary purposes.
A minimum CIBIL score of 600 or more or Experian score 650 or more

For Self-Employed Individuals

Applicants must have a minimum In-hand income of Rs. 15,000 per month
Income must be directly credited to the applicant's bank account
A minimum CIBIL score of 600 or more or Experian score 650 or more
Applicants must be between the ages of 21 years and 57 years

Frequently Ask Questions

What Is A Personal Loan, And How Does It Work?

A personal loan is a type of loan that individuals can borrow from a financial institution for personal use. It is typically an unsecured loan, meaning it does not require collateral.

The process starts with the borrower submitting a loan application to the lender. After evaluating the application, the lender determines the borrower's eligibility and offers a loan with specific terms and conditions, including the loan amount, interest rate, and repayment period. If the borrower accepts the loan offer, the funds are disbursed to their bank account.

How Can We Get Approval For A Personal Loan?

Getting approval for the application process for a personal loan via Phone Touch Finance is easy. You need to keep all your documents ready as the documents vary from one lender to another. However, the approval of most applications mostly depends on your credit history.

What Is The Minimum Salary Required To Avail Of A Personal Loan?

Phone Touch Finance has the most straight forward application process to apply for. However, the minimum salary required is ₹15,000 for non-metro cities and ₹20,000 for metro cities.

What Are The Eligibility Criteria To Get A Personal Loan?

Here are the requirements you need to meet:

You must be a citizen of India.
Your age must be between 21 and 57 years.
You must be employed with an MNC, public agency, a private firm, or self-employed individuals.
You must meet the salary requirements as specified based on your city of residence.

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