Personal loans are meant to meet short-term financial needs i.e. you can borrow money for a minimum period of one year to a maximum of five years. The needs may vary as needs may arise due to an unexpected medical emergency, going on a vacation, home renovation, buying consumer durables, repay credit card debt or any other personal exigency which has a temporary effect on your earnings.
With personal loans, you can take advantage of Flexible EMI plans, higher loan amount and flexible tenure options. Although, the quantum of personal loans to the customer depends on a number of factors such as borrower’s credit history, existing loans, company with which you are currently employed & the number of years of relationship with the bank etc.
A personal loan has the fastest loan disbursal time when compared with other loans. The whole process takes 2 to 3 days.
The personal loan provides complete flexibility of end-use. There are no restrictions on how you should ...more
A personal loan requires very little paperwork when compared to other types of loans.
No security or collateral
If you are eligible, you are not required to provide any security or collateral to the lender in the form of shares or any other assets.
Flexible repayment options
The Personal Loans come with a host of repayment options such as post-dated cheques, online payment of EMI, ECS and so on.
Reasonable interest rates
Personal Loan comes with competitive interest rates that are easily affordable.