It is a fixed payment amount mutually agreed by the lender and the borrower, which the borrower agrees to pay the lender on a specified date each calendar month. EMI stands for Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full. The first few months, the EMI would have higher interest amount than the principal amount which will gradually be the opposite as the loan repayments happen.
The benefit of an EMI for borrowers is that they know precisely how much money they will need to pay toward their loan each month and on which date, making the personal budgeting process easier. The borrowers can choose from a list of varied repayment options. Loan track record is easily available online or with the banks which can provide you details on how many EMI’s the Loan consists of, Principal taken, Principal paid, Rate of interest paid so far, how many EMI’s paid, how many EMI’s pending ? etc,.

PERSONAL LOAN

Any individual who has got a source of income as salary or business income can apply for a personal loan.

CAR LOAN

The following people are eligible to apply for a Pre-Owned Car Loan:

Salaried Individuals:

• This includes doctors, CAs, employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
• Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 60 at the end of the loan tenure

Self Employed Individuals (Sole Proprietorship):

• This includes self-employed sole proprietors in the business of manufacturing, trading or services
• Individuals who are a minimum of 25 years of age at the time of applying for the loan, and no older than 65 at the end of the loan tenure

BUSINESS LOAN

Any business owner can apply for a Business Loan if they meet the eligibility criteria of the Bank or NBFC. Some of the eligibility criteria are business turnover (minimum Rs 1 crore), and a credit score of 650.