Firstly, you need a PPF (Public Provident Fund) account. This is the primary requirement. However, your PPF account must be at least 3 years old. Plus, you cannot avail this loan in case your PPF account is more than 6 years old. Basically, this instant personal loan<\/a> is available within the period between the third and the sixth years of your PPF account. <\/p>\n\n\n\n Please note that you\u2019re allowed to withdraw only 25% of your PPF\naccount balance after the end of the second year immediately before the year of\nloan application. For an instance, if you make your loan application in\n2020-21, you can receive 25% of your PPF balance as on the 31st of March, 2019.\nAfter the end of the seventh year, you can partially withdraw money from your\nPPF account. <\/p>\n\n\n\n This instant personal loan can be availed only once in a year.\nAfter you finish repaying your first loan, you can apply for the second one.\nHowever, some of the personal loan benefits in this case are that your credit\nscore won\u2019t make a difference, and that you need not have a collateral. <\/p>\n\n\n\n Additional Read:<\/strong> Dos and don\u2019ts for an instant\npersonal loan in India<\/a><\/p>\n\n\n\n You will have to repay the principal loan amount completely\nwithin 3 years. In case you do not make repayments on time, you will be charged\n6% on the outstanding loan amount. You can repay it at once, or even in 2 or\nmore monthly instalments. Once you are done repaying the principal amount, you\nare allowed to repay the interest amount in at the most 2 instalments. <\/p>\n\n\n\n For PPF account holders, the process to apply for this instant\npersonal loan online is as follows. <\/p>\n\n\n\n The most obvious benefit of this loan is that it is much less\nexpensive than any other kind of personal loan available right now. However,\nthis loan should not ideally be your first choice in times of need. It might\nnot be sufficient for a lot of working class needs. Your loan amount is limited\nto 25% of your PPF account balance. Plus, there are other aforementioned\nrestrictions. Moreover, your PPF account won\u2019t gather any interest in the loan tenure.\nYou will hence lose out on the primary purpose of the PPF account and receive\nlower returns. <\/p>\n\n\n\n Additional Read:<\/strong> How to Choose the Best Personal\nLoan for Needs?<\/a><\/p>\n\n\n\n This loan is probably a good option once you run out of other options. However, there are quite a few other options in the market. You can easily check out and compare competitive personal loan rates<\/a> online. You can also use personal loan eligibility calculators<\/a> and personal loan EMI calculators<\/a> on the official websites of various lenders to figure out exactly how much a loan will cost you. <\/p>\n\n\n\n One excellent option would be Tata Capital Personal Loan, which offers not only an attractive interest rate, but also comes with flexible repayment tenures, quick and easy processing, and a host of added benefits. <\/p>\n\n\n\nHow does this instant personal loan affect your PPF account?<\/strong><\/h2>\n\n\n\n
Can you take one loan after the other?<\/strong><\/h2>\n\n\n\n
What are the repayment terms for this loan?<\/strong><\/h2>\n\n\n\n
![\"Apply](\"\/wp-content\/uploads\/2020\/11\/pay-bills-in-lockdown-2.jpg\")
<\/figure>\n\n\n\nHow can you apply for this personal loan online? <\/strong><\/h2>\n\n\n\n
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What are the personal loan benefits and drawbacks with this kind of loan?<\/strong><\/h2>\n\n\n\n
Conclusion<\/strong><\/h2>\n\n\n\n