Personal loan in India are easily avaialable

Q2. After how many days of application, personal loan application is processed and loan is granted?

Since personal loans are provided for meeting immediate needs, hey are aimed at providing quick cash and usually banks claim that they process the loan application within earliest possible time i.e. 3-4 days including document evaluation and field enquiry and after this loan is disbursed to the borrower in the form of cheque or draft.

Q3. Excluding rate of interest, is there any other expense involved in borrowing personal loan?

Yes, apart from rate of interest charged bank charges some amount of money from the borrower in the name of processing fee and pre payment fee. Processing fee is to be paid at the time of loan processing whereas pre payment fee is to be paid in case you want to pre close your loan account and is lies within 2-3% of loan amount.

Q4. Is it necessary to open an account with particular bank for availing personal loan from it?

However no bank will necessitate you to open an account with them, but if you do so it will be considered as a positive step ahead in the direction of getting personal loan since banking relationship will benefit you in several ways by offering number of value added services.

Q5. What does relationship discount mean and what is its significance in determining personal loan interest rate?

Relationship discount are meant for those, who already have an account in the bank in which they are applying for personal loan. Basically some discount in personal loan interest rate or other charges is given, and additional services as well

Q6. How to repay the borrowed personal loan amount?

Repayment of personal loan is done with post dated cheques, and the amount of post dated cheque is equal to the EMI (Equated Monthly Installment) for entire loan term. However, it may also be deducted from monthly salary or through standing instructions to your bank account.