| Is Security Required? | No |
| Is Guarantor Required? | Not in most cases |
| What is the Tenure? | 1 to 5 years |
| What is the Interest Rate? | 13.99% to 49% (Diminishing) |
| Is Part Payment Allowed? | In few Banks |
| Is Pre-Closure Allowed? | In few Banks |
| Is Balance Transfer Allowed? | Yes |
| What is the minimum Salary? | Rs. 12,000 /- Gross (pm) |
| How many days does it take? | 4 to 10 days |
| What is the loan amount? | Rs. 75,000 /- to Rs. 20,00,000 /- |
The documentation process in Personal Loan is relatively simple. This is one of the fastest loans too. This loan usually comes to your rescue when you need some quick money for an unplanned situation. They could be, Travel, Medical, House expenses, Marriage etc.
Unlike other loans, this loan does not need you to provide a Security. Therefore Banks are exposed to a higher risk in these loans. Banks therefore rely on other empirical data. Banks usually extend Personal Loans to individuals working in a renowned organisation and with a good credit history.
