While the amount you get as loan depends on your income as well as your credit score, usually the maximum amount provided by banks as loan is up to 50 lakh (as per paisabazaar).
Your personal loan application generally gets approved within 7 business days from the date of request. However, in some cases, it may take longer than usual.
Yes, you can use a personal loan for business purposes. Personal loans can be availed for any personal reason.
A personal loan can have a good as well as a bad affect on your credit score. If you pay your EMIs on time and do not make any defaults in repayment, you can gradually improve your credit score. However, if you fail to meet your deadlines for repayments, your credit score can be badly affected. Even a single missed repayment can lower your credit score.
Paying off your personal loan early might help you get rid of the liability of paying EMI every month. However, banks may charge a foreclosure fee which you will be required to pay. This charge may vary according to the bank’s policies.