need to know about Personal Loans?
What are Personal Loans
For all those times when you need access to funds quickly and discreetly- a Personal Loan is your answer.
Personal loans are no-questions-asked unsecured loans given to individuals on the basis of their profile only i.e. income, nature of employment, years of work experience etc. Such loans, unlike property based loans or car loans do not require the borrower to give any kind of security or collateral to the bank. Most banks do not question the purpose for which the loan is required, but you would still be required to state the purpose on the application form. Almost universally, banks do not allow these loans to be taken for speculative purposes e.g.: investing in stocks etc. This product is mostly for salaried individuals only.
Personal loans are currently offered from Rs 50,000 to Rs 15 Lakhs and are typically repaid in tenures ranging from 1 to 5 years. They can usually be processed and disbursed within a week.
These loans, are definitely costlier given that the bank has no security to fall back on in the event a borrower is unable to pay their installments on time.. However it is the product- of-choice when funds are required urgently or the borrower has no other security to offer the bank.
How is my eligibility determined for a Personal Loan
Your eligibility is determined after looking at the following:
• Your current income
• Years of work experience
• Nature of your job and the company you work for.
• Your current obligations i.e. the other Installments (EMIs) you are currently paying, the number of credit cards and credit limits you have or use,
• Your past credit history is likely the most important determinant in being able to get a personal loan.
We'll help you check your eligibility at more than 20 of the best lenders in the industry and show you the best available deals all in one place in just a few clicks.
Having a Co-Applicant to your Personal Loan
Co-applicants are usually not allowed for personal loans, however some banks do require a guarantor prior to sanctioning a personal loan, especially for younger individuals and those with inadequate work experience.
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