If you’re looking for a personal loan, you may be wondering what the top loan options are and what the best repayment period is. Whether you’re looking to consolidate debt, make a large purchase, or cover unexpected expenses, there are a few things you should keep in mind when choosing a personal loan. In this article, we’ll discuss the top loan options and the best repayment period for each.
The grace period on a personal loan.
A grace period is a time period automatically granted on a loan during which the borrower does not have to pay the issuer any monies toward the loan, and the borrower does not incur any penalties for not paying. While not needed, payments can be made during both grace periods and deferment.
Lock in period in personal loan.
The typical lock-in period for a personal loan is one year, after which the entire balance may be returned. For example, if the personal loan is for rs. 2 lakh at an interest rate of 15% and for a term of five years, the monthly emi comes to rs.