Personal Loans

Personal Loan A Personal loan is taken without any specific intent in mind. A Personal loan can be put to any use by the beneficiary according to his/her decision. Personal loans can be used for a ample variety of purposes. The loan can be repaid through Equated Monthly Installment(EMI). Personal loans are unsecured form of credit that is popular to meet the current requirements. It is multi-purpose in nature and therefore can be used for various personal purposes such as wedding, home renovation, etc. You are not required to put up any collateral to ensure repayment. Personal loans are backed only by your promise to repay, and for this reason they are also known as unsecured loans.

What is Personal Loan?

• They are unsecured loans.
• They come at a higher rate of interest than other loans.
• The duration for repayment of personal loan is less than 5 years.

What are the advantages of Personal loans?

• It is all-purpose loan.
• Your bank doesn’t care on how you use the loan amount sanctioned to you.
• Short period of time and less documents compared to other loans.
• Unlike other loans, you don’t need to offer anything as security.