1. High Interest Rates
To offset the risk(due to no collateral and security) that comes with personal loans, bank charges high interest rates that ranges between 16% to 30%.
2. Not for everyone
Strict norms regarding employment criteria, identity proof, income and residence criteria are enforced, before issuing loan.
3. No part prepayments
Prepayment of personal loan can be done as a whole but no part prepayments. Part prepayments can be done but with 2%-5% penalty on outstanding amount.
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