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What is Personal Loan

Personal Loan. Personal loans are loans provided to salaried individuals for personal use. Lenders provide these loans without any security or collateral hence they are also called unsecured loans.

  • Personal loans can be a useful means to raise funds during emergency requirements. As Personal loans do not require any collateral to be availed, borrowers consider personal loans as an obvious choice for quick funds.
  • Personal loan interest rates are high with their repayment tenure short to approximately 5 years or less. Thus the EMI commitment in case of personal loans is higher.

Advantages of Personal Loans

1. It is unsecured:

As mentioned at the start, personal loan is an unsecured loan. No mortgage of assets or guarantee is required for personal loans. Basically personal loans have an edge over other types of loans because even if you don’t have any fixed assets to apply, a personal loan can come to your rescue in times of need.

2. It is availed easily:

Offered by almost all banks or financial institutions, minimal paperwork and verification time required towards checking the documentation make applying for a personal loan quick and simple.

3. Available for all purposes:

It is not mandatory to specify the purpose or the cause when applying for a personal loan. Unlike housing loans where you can use the amount credited for only construction or purchase of a house and vehicle loans which can be only used for purchasing a vehicle, personal loans can be used for multiple purposes.

What does a personal loan?

A home loan or car loan will allow you to use the money to purchase a home or car respectively. The good news is that when you apply for personal loan, it need not be restricted to a specific use. Once the loan is disbursed, you can use it for any purpose as per your particular need. With a personal loan, you can.

  • Arrange for holidaying overseas
  • Buy a large appliance like refrigerator, television or laptop
  • Plan your marriage function as per your expectations

Process to apply online personal loan

Documents Required for personal loan


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