Low EMI offers can typically result from a long repayment term, a low interest rate, or a combination of both factors.  Thus, sometimes you may end up paying more interest to your lender if you choose low EMI. So use online tools like personal loan EMI calculator to find out your interest pay-out over the loan tenure & your repayment capacity before taking a loan. 

Yes, you can apply for a personal loan either yourself or together with a co-applicant (jointly), who need to be a family member like your spouse or parents. Having a co borrower mean your loan application will be processed in a higher income bracket, making you eligible for a larger loan amount. However, keeping in mind that if you or the co-applicant has a poor credit history, the chances of success of your application may be less.

Although personal loan usually have no tax benefits. But if you take one for home renovation down payment, you may be eligible for IT deduction under section 24. However this tax benefits is limited to only the interest, not the principal amount. Also, to claim deduction you will have to furnish proper receipts

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A major portion of your initial EMI, is actually used to pay off the interest due on your loan. This process is called “front loading”, hence only a small portion of the principal is paid off initially. As you progress further with your EMI’s, these small decreases in the principal amount add up, leading to a decrease in the interest charged on the outstanding amount. A larger portion of the EMI is thus used to pay off the loan principal is later years.

Credit card loan is an offer that you may be able to avail on your card. Such a loan is only applicable to specific cards & you can only approach your card issuer for a loan on it. When it comes to a personal loan, on the other hand, you can approach any lender. Moreover, unlike personal loan application, card loan don’t required any additional documentations.

A higher credit score indicates that you have a good track record with respect to loan. Therefore if your credit score is high (more than 750 in case of CIBIL). Your chance of being granted a loan is much more. Additionally, you may able to negotiate benefits such as lower interest rate, higher loan amount, waiver of processing charges, etc. by showing your high credit score.

Yes, though the exact amount varies from one bank to another bank. Most lender have set their minimum personal loan principal amount at Rs. 30,000.

The bank will levy certain ECS bounce charges/penalties. In addition it will get reported in your credit report. Depending on the severity of the default, it can have serious impact on your future credit possibilities like car loan, education loan etc. In addition, the banks can also take legal action against the borrower.