Capital First Personal Loan is a fixed amount which is borrowed by an applicant at a fixed interest rate from a financial institution or an online lender and repay over a fixed tenure, which is pre-decided. Personal Loan is a type of unsecured Loan which has an instant approval also hassle-free and less paperwork.
In personal loans, there is no need to mortgage any collateral or security. It can serve as your solution for managing your travel costs and wedding expenses as well as the costs of a medical emergency, home renovation, debt consolidation, and others.
Why should one take Capital First Personal Loan ?
Capital First Personal loans are available for both self-employed individuals and salaried working professionals. At Capital First, the Min. Rs. 24,000, Max. Rs. 15 lakhs. The rate of interest is fixed and is charged on a monthly reducing basis.
Benefits of Capital First Personal Loan
Personal loan Capital First is aimed at addressing the specific need of our customers. They are bundled with some lucrative bonuses, as enlisted below.
1. Interest rate: Your interest rate tells that how much more you’ll be paying back to the loan provider than what you’ve borrowed. Hence, a competitively low-interest rate is that you should look for whenever you take a Personal Loan.
2. Processing fees: processing fee is a charge levied by the bank to meet the expenses of processing and for approval of your own at Capital First. They charge 2% processing fee + tax for the process of Personal Loan.
3. Loan tenure – It is an essential factor when you have to decide taking Loan. Capital First offers loans for tenures from 1 year up to 5 years.
4. Effortless Documentation: Straightforward and hassle-free documentation
5. Also, Safe & Secure: All your details remain safe and secure
6. Instant Loan Approval: An applicant can get his/her loan amount approval instantly.
7. Also, there are no charges of Prepayment: If you have enough money and you want to repay your Loan before the tenure, there are no prepayment charges for loans under Rs 20,000
Capital First Personal Loan Interest Rate
There is an attractive rate of interest on personal Loan at Capital First. Capital First Personal Loan interest may vary at 10.75% to 11.99%, .and the tenure can range from 3 months to 36 months. Charges of Foreclosure charges are 3% of principal outstanding. Prepayment charges are 3% of the amount prepaid.
Capital First Personal Loan EMI Calculator
You can easily calculate EMI by using this formula: P x R x (1+R)^N] / [(1+R)^N-1]
P= Principal or your loan amount
R= Rate of interest
N= Tenure (loan term in several years)
EMI includes two main components – principal and interest. In the early part of your tenure, the interest amount is higher, and that becomes progressively lower. Towards the end of the tenure, the principal amount forms a large proportion of the EMI.
Capital First Personal Loan Documentation
To apply for Capital First Personal Loan, you need to submit the following documents:
1. First of all, Identity proof is required, i.e., Aadhar card, Voter ID, and Driving license.
2. Then, the applicant should submit his/her last two months’ salary slips.
3. After that, the applicant has to provide his/her previous three months bank account statements of his account.
Capital First Personal Loan Eligibility Criteria
Capital First requires any Indian resident who is an active employee of an MNC, Public or Private limited company and is between 21- 58 years of age is eligible for availing a personal loan at Capital First.
The following are some of the other criteria for availing a Personal loan.
1. Applicant should have a salary of Rs.20,000/- per month.
2. Also, A person who has a minimum educational qualification of being a graduate.
3. Applicant should be an active resident of a city for at least one year.
4. Also, an applicant have minimum work experience of at least one year
FAQs about Capital First Personal Loan
1. Are there any foreclosure and part-prepayment charges?
Yes, there are a foreclosure and part-prepayment charges.
2. How do I repay the Loan?
You can repay the Loan in EMIs using ECS facility or through post-dated charges.
3. What is a security fee for an online application?
The secure fee is a charge that is compulsory to pay for the submission or processing of your application form online.
4. What if I don’t pay the security fees online?
In this case, you will lose the benefit of instant approval.
5. How secure do I provide the information?
Information provided by an applicant is wholly secured because we use state of the art security system.
6. Do I have to give any security, collateral, or guarantors?
No, there is no need for any security, collateral, or guarantors.
7. Is it safe to use my debit card on this site?
Yes, all transactions on our site are safe because we provide best in class security.