What is a Personal Loan?
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A personal loan is a flexible, unsecured loan that lets you borrow a specific amount of money from a lender. You repay it in fixed installments over time, usually with a consistent interest rate. Since no collateral is needed, it’s a convenient option for covering personal expenses like debt consolidation, big purchases, or unexpected emergencies.
Personal Loan – Get personal loans of up to Rs.40 lakh & above at attractive rates starting at 10.49% p.a. with flexible tenures of up to 6 years.
Personal Loan Details
A Personal loan is a type of unsecured loan that you can borrow from a bank or financial institution if you require funds to pay for your financial needs.
| Interest Rate | 10.49% p.a. onwards |
| Loan Amount | Up to Rs.1 crore |
| Loan Tenure | Up to 7 years |
| Processing Fee | 0% – 6% of the loan amount + GST |
Types of Personal Loan
There are two types of personal loan schemes. They are:
- Unsecured Personal Loan: Under these types of loan schemes, you don’t need to provide any security or collateral to the bank. If you meet all the eligibility criteria and have a decent credit score, then you can avail yourself of an unsecured personal loan.
- Secured Personal Loan: Under these types of personal loan schemes, you will need to provide some form of security or collateral to the bank. A business loan or a gold loan is an example of a secured loan as you may have to provide some form of property to apply for a business loan and gold if you wish to avail a gold loan.
- Courtesy To: Bankbazaar
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