Personal Loan is the funds provided by a lender without any collateral on the basis of your personal monthly earning. You can use your personal loan for your basic and urgent needs.
Personal loan can be used to either fulfil or bridge any shortage of fund for any emergency, weddings, family purchases, white goods purchase during festivals, medical exigency, house purchase, car purchase, child education, special travel requirements, down payments, renovation, repairs etc.
The financial institute will ascertain the loan amount and duration based on an individual’s credit worthiness keeping his source of income like salary, employer details, credit repayment history, assets and residential status.