What is a personal loan?
A personal loan can be obtained for any purpose be it for a cruise holiday or a wedding expense.It is handy when you have an urgent need for money in a lump sum. It is very useful when you can repay the money to the bank in the shortest time span possible as the interest rates are quite high compared to other loans. You can take a personal loan for up to 5 years. The loan does not require elaborate paperwork. The amount of loan one is eligible for is dependent on the individual’s income.
An unsecured loan is called a Personal loan. This implies that you dont have to give any security, as with a car loan or a home loan, where the underlying asset is mortgaged with the bank. Normally, the bank does not ask for guarantors either. More advantages: minimum documentation and speedy clearance (within three to seven days of applying). And there is no monitoring of end use — you can use the loan for any purpose you like.
An unsecured loan is called a Personal loan. This implies that you dont have to give any security, as with a car loan or a home loan, where the underlying asset is mortgaged with the bank. Normally, the bank does not ask for guarantors either. More advantages: minimum documentation and speedy clearance (within three to seven days of applying). And there is no monitoring of ‘end use’ — you can use the loan for any purpose you like.
