A personal loan is a unsecured loan and helps to meet your current financial needs. This loan can be used for any of your legitimate financial need such as wedding, house renovation, personal emergencies or any purchase of goods and so on. A personal loan works pretty much the same way as most loans. You apply for a loan, submit the documents, the bank checks your credit worthiness and makes a loan offer.
If you accept it, the funds are transferred to your bank account, and you can use them any way you like. You must repay the loan in equated monthly instalments (EMI), which will depend on factors such as loan amount, tenure and interest rate.
Interest rates differs from bank to bank can range between 11% to 35% and will also depend on your credit history, tenure, income, occupation etc. The rates are fixed and not floating rate.
You can get a loan for a tenure that suits your needs. Mostly personal loans are offered for short to medium terms. You must repay the loan in equated monthly instalments or EMIs in a fixed sum every month or as instructed by the loan providing institutes. The EMI will depend on the loan amount, tenure and interest rate.
Getting a personal loan is easy, especially if you have your documents are in order and you have a good credit track record. Just click here to apply for a personal loan.
