Personal Loans are there to cater your personal needs. It can be a marriage in the family, a house renovation, buying a car or paying for your vacation trip. Personal Loans can be availed without keeping anything as security. No security, collateral or guarantors are required to avail personal loans.
The advantages of personal loans are its speedy approval and flexibility to choose your loan amount ranging from 10000 to 10, 00,000. Its repayment period varies from 12 to 48 months as per your interest.
The maximum amount of personal loan for which you are eligible depends upon your net salary i.e. the amount that you take home. Loans are repayable in equal monthly installments or EMIs. The loan tenure varies from 1 to 5 years. Since personal loans do not require any security or keeping of assets as collateral, the rate of interest charged is higher.