Personal Loans

Personal loans are any purpose loan which is given without any collateral or guarantor. This is a very unique loan product wherein the borrower is at his/her discretion to do whatever they need. In other words, unlike any other loan product viz a car loan or a consumer durable loan or a housing loan, a personal loan can be used by the borrower for any of his/ her personal needs. There is no restriction for the usage of such loans though it should not be used for speculative purposes and investment in tax saving instruments. The loan can be repaid like all other loans through the equated monthly installment (EMI) process where a fixed amount is paid each month.

A personal loan is a right funding facility provided by well known Banks and NBFCs of India like IDFC, HDFC, Axis, Fullerton, etc. that helps one meet up money requirements for various times of life like medical emergencies, wedding, education, home renovation, asset purchase, business requirements, etc.It is an unsecured form of loan for short period of 6 months to 60 months Personal Loan Features:They are not secured.They are any purpose loan.They come at an attractive rate of interest.They are relatively short term loans vis a vis other loans, (i.e  3 to 5 years) Personal Loan Advantages:First and foremost advantage of a Personal loan is that it is a purpose loan.  Be it be holidays, wedding  in family, to pay off your dues in credit cards, sending your child for higher education, buying jewellery, buying a piece of plot which otherwise no banks fund, and to meet any contingencies. You need not have to furnish the end use of loan to the bank.The loan does not require any security or collateral. It does not require a guarantor either.The documentation involved is very minimal.The time taken for processing is minimal. Documentation:
The documentation for personal loans is one of the simplest. Basic KYC documents and income documents would suffice to get a Personal Loan.