CA Vikas Jain

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Personal Loan Starting @ 10.25% Onwards?



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Personal Loan Starting @ 10.25% Onwards

Personal Loans are an approach to address money related issues during a crisis. It's a kind of unsecured loan and can be utilized for marriage costs, taking care of the hospitality bills, either going for your dream get-away or redesigning your home.

What is Personal Loan?

Personal loan is an unsecured loan provided by a bank or non-banking financial company (NBFC) to an individual on the basis of key criteria such as income level, credit history, repayment capacity, employment history and other relevant factors that tend to vary from lender to another. Also known as a signature loan, a personal loan is extended to salaried and self-employed individuals alike on the basis of a judgment call made by the loan sanctioning officer on the basis of documentation submitted by the applicant.

What can I use a personal loan for?

A personal loan can be used for almost any type of expense ranging from big ticket appliance purchases and home renovations to luxury vacations and debt consolidation. Some other cases where personal loans may be useful include payment to unexpected medical bills.

Is there a minimum personal loan amount that I need to borrow?

Yes. Though the exact amount of the minimum personal loan amount varies from one lending institution to another, most lenders have set their minimum personal loan principal amount at Rs. 30,000

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