Personal Loans are unsecured loan which do not require any security or collateral. It also don’t require any guarantor.

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

It is in the interest of the borrower to repay all the EMI as per schedule. Delay in payment of EMI or default would badly affect the credibility of the borrower. Moreover getting a loan at a later stage would be difficult. FRF share the credit history of a borrower with credit bureau and in turn they share data of credit history of a borrower with other banks.

First six months repayment is not allowed, after that FRF charge a penalty as prepayment charge on the principal outstanding.

Generally, it takes 1 to 3 working days to sanction a personal loan after completion of all formalities in terms of compliance in documentation.

Rate of interest will be announced by FRF from time to time which varies with market conditions.

No, moratorium is not applicable for personal loans. Generally, first EMI starts within 45 days of the disbursement of loan.

Personal loans are generally repaid by way of equated monthly instalments (EMI)

Yes, a processing fee is applicable only one time, at the time of loan disbursement. There are other fees and charges as applied on variant events. These charges are listed in Loan Agreement.

The tenor of personal loan ranges from 12 months to 60 months. However, it should be noted that tenor is the discretion of the FRF and also in most of the case, the tenor is restricted to 36 months.

Personal loans are available in the range of Rs. 50,000 to Rs. 50 lacs depending on the income eligibility of an applicant.

You can apply for a personal loan in order to fulfil any of your personal needs which requires financial assistance such as working Capital, acquisition for fixed assets, wedding expenses, hospitalization expenses, holiday packages, buying jewellery, higher education etc.

Personal loans don’t require any collateral or security. Exceptionally in some cases, a Co-applicant is required if certain norms are not met by the applicant.