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Personal Loan FAQs

Explore personal loan options with our detailed FAQs. Find clear, concise information to choose the one of the best financing solutions for your needs.

What is the process for closing a personal loan account?

  • Posted:30th May, 2025
  • Updated:30th May, 2025
Closing a personal loan account is a straightforward process, but it requires following specific steps to ensure a smooth and hassle-free closure.
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Can I get a personal loan with my investments or savings as collateral?

  • Posted:30th May, 2025
  • Updated:30th May, 2025
Yes, some lenders may accept investments or savings as collateral for personal loans.
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Can I change my EMI amount during the loan tenure?

  • Posted:30th May, 2025
  • Updated:30th May, 2025
Financial institutions may offer options to change your Equated Monthly Instalment (EMI) amount during the loan tenure.
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What can be used as collateral for a secured personal loan?

  • Posted:30th May, 2025
  • Updated:30th May, 2025
Secured personal loans are a type of financing option offered by lending institutions, where borrowers are required to provide collateral as security against the loan.
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What happens if I miss a personal loan EMI payment?

  • Posted:30th May, 2025
  • Updated:30th May, 2025
Missing a personal loan Equated Monthly Instalment (EMI) payment can have several repercussions.
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Are there prepayment charges for personal loans?

  • Posted:30th May, 2025
  • Updated:30th May, 2025
Personal loan prepayment might involve charges, depending on your financial institution's policies.
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Can I prepay my personal loan before the end of the tenure?

  • Posted:30th May, 2025
  • Updated:30th May, 2025
Prepayment of personal loans before the end of the tenure is generally allowed by financial institutions.
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