Personal Loan

Personal loans are the all purpose unsecured loans that are taken by individuals for meeting their short term money requirements. The sum of the personal loan is determined by your income as well as your repayment ability. Personal loans offer a fixed rate of interest and they have a fixed repayment period. There are high interest rates applicable on personal loans thereby it is used as a last resort after you all other sources of money is utilized. The personal loans are available from Rs. 10,000 to Rs. 20 lakh and you can choose any amount based on your requirement.

There is no end use restriction on the loan and that means a person is free to utilize the money in the manner he wants to use. The flexible repayment options usually ranges from 12 to 84 months. The personal loans are Hassle-free loans that do not require any security, guarantor or collateral. It is a simple procedure that requires minimal documentation & speedy approval.

In order to apply for a personal loan, you need to approach any lender with your needs. You will be granted a loan on the basis of your profile at a certain rate. The various factors that are considered during the sanctioning of a loan includes Your monthly earning, Your place of employment and stability of employment, Amount of EMI you are paying to another loan, Repayment track record for previously loan, Your age, Your residence and number of years of residing and Salaried or Self employed status.

On the basis of your profile and papers you have provided as proof, your personal loan rate and amount sanctioned are decided. After the loan is sanctioned, as per the above documents, you will receive a cheque or draft made in your name. In addition to that, you will be required to offer Post Dated Cheques (PDCs) for the repayment period. Once the repayment period is over, you will be issued a certificate that intimates you about the end of the loan.