Personal Loan is a collateral free loan based on income documents of individual or company. Since this is an unsecured loan thus the borrowers past track records of loans & credit score has to be good.
Personal loan processing is very easy as it required less documents as compare to any secured loan but it always attracts high rate of interest & shorter repayment period.
Any financial institutional look for credit score & income because they are not your friend and it is strictly a business transaction, therefore your good income documents & credit score will help lander to land the money.
Personal Loan can only be availed for any valid purpose, be it a wedding expenditure, a holiday or purchasing consumer durables, the personal loan is very handy & caters to all your needs.
The word UNSECURED PERSONAL LOAN means when a salaried person apply for a loan based on his/her net monthly salary not providing any kind of security against the loan.
It takes 7 working days once documentations are completed
No in personal loan generally bank don’t allow joint application.
No need of giving any security apart from security cheques.
Processing fee in personal loan varies bank to bank, normally it’s start from 1.00% to 2.50% of loan amount.