Loan Amount Limits:

• The approved loan amount is subject to the borrower's income, creditworthiness, and other financial factors.

• There may be both minimum and maximum loan amount limits.

Credit Score Maintenance:

• The borrower is encouraged to maintain a good credit score during the loan tenure.

• Adverse changes in creditworthiness may lead to adjustments in the interest rate.

Late Payment Penalties:

• Late payment penalties and interest rates for delayed payments will be clearly outlined.

• Timely payment is crucial to maintaining favourable loan terms.

Loan Disbursement Conditions:

• The loan amount will be disbursed only upon meeting all necessary documentation and verification requirements.

• Disbursement may be subject to the completion of any additional steps specified by the bank.

Purpose Restriction:

• The personal loan must be utilized for the specified purpose stated in the loan application.

• Any deviation from the intended use may result in penalties or adjustments to the loan terms.

Loan Refinancing Options:

• Consideration of refinancing the personal loan at a later stage may be possible.

• Eligibility criteria and conditions for refinancing will be provided.

Security or Collateral Requirement:

• Personal loans are typically unsecured, but in certain cases, the bank may require collateral or a co-signer.

• Collateral requirements, if any, will be specified in the loan agreement.

Insurance Mandate:

• The borrower may be encouraged or required to obtain insurance coverage (e.g., credit life insurance) for the loan.

• Insurance costs and terms will be provided.

Change in Employment:

• The borrower is required to notify the bank in case of a change in employment during the loan tenure.

• Certain employment changes may affect loan terms.

Relationship Discounts:

• The bank may offer interest rate discounts for existing customers or those with multiple accounts.

• Conditions for availing of these discounts will be outlined.

Joint Application Conditions:

• Conditions, if any, for applying for a personal loan jointly with another individual.

• Joint applicants share responsibility for loan repayment.

Financial Review and Documentation:

• Periodic financial reviews may be conducted by the bank during the loan tenure.

• Updated financial documentation may be required for such reviews.

Change of Contact Information:

• The borrower is responsible for promptly updating the bank with any changes in contact information.

• Failure to do so may result in communication issues and potential consequences.

Early Termination Conditions:

• Conditions for early loan termination or settlement, including associated charges, will be outlined.

• Early termination may be subject to prepayment penalties.