What is Personal Loan


Personal loan is a short to medium term unsecured loan (no collateral) that you can use to meet your financial needs.

Though most commonly used to meet expenses related to debt consolidation, vacations and unexpected medical expenses, a personal loan may be used for practically any type of expense.

Features and Benefits of Personal Loan

No Collateral Required: Personal loan is an unsecured loan which means a loan offered without keeping any assets (e.g., house or car) as collateral. These loans are offered on the basis of an applicant's credit history, income details, age, etc.

Flexible Tenure: In personal loan, borrowers get flexible tenure of up to 5 years to repay the loan amount, thus, making it more preferable than other credit options such as credit card loans or gold loans.

Simple Documentation Process: To apply for a personal loan minimum documentation is required and is often approved within 48 hours of submitting an application.
What is Personal Loan What is Personal Loan Reviewed by Ashish Gamit on December 25, 2018 Rating: 5

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