GA loan that is taken for the for just doing anything is referred to as a personal loan. A personal loan is otherwise named as an All-Purpose loan too. The amount of a personal loan that can be borrowed depends on which type of loan one gets. It also depends on your credit status and possibly if you have any collateral.
Unsecured Personal Loans are loans that do not require any type of security / guarantee from the customers to qualify. These loans may have higher loan rates associated with them, and usually the amount of the loan is less than a secured loan. This kind of loan is ideal when customers need cash instantly.
Secured Personal loans are the loans that are offered with some type of security. This helps protects the lender in case you should fault on the loan. The secured loan normal provides a lower interest rate than the unsecured loan and the borrowed amount is usually larger than the unsecured loan.
The maximum amount of personal loan depends on the net salary and the take home salary of the customer. Loans are repayable in equal monthly installments or EMIs. Loan term varies from 1 to 5 years. Since personal loans do not require any security or hypothecation of assets, the rate of interest charged by them is higher compared to any other secured loans.
There are many other factors that you should consider when applying for a personal loan. Depending on your needs, a secured or unsecured personal loan may be what you need. Flexibility of duration and availability of various schemes make personal loans an attractive option. Apart from this, one might use them for any purpose they wish to.
An abundant number of Personal loan options are available to the needy customers, from many nationalized / private sector Banks of India. Given under are few of such famous Banks that offer Personal loans in India:
These are the times when you may need a helping hand. That's when you can bank on us. Bank of Baroda's Personal Loan offers financial help to meet your personal requirements........
One of the renowned Banks of India, HSBC Bank offers personal Loans that are unique in its features.......
Whether it's your dream vacation or your Child's admission to a medical college or a dream wedding in your family - HDFC Bank's range of Personal Loans can help you......
SBI Saral - is the name of the Personal Loan offered by one of the India's largest banks, State bank of India. The loan can be availed for any legitimate purpose whatsoever.........
. An ICICI Bank Personal loan is your one-stop-shop for all your financial needs to fulfill any of your desires. You can now secure a fast and easy personal loan for an amount up to Rs.15 lakhs at attractive interest rates with an ICICI Bank Personal Loan.......
United Bank of India offers personal loans for the customers on the name of "United Personal Loan Scheme".United Bank of India's personal loan Scheme has been designed just to meet any such possible occurrences.......