PERSONAL LOANS INFORMATION

Please see information on Personal Loans below.

        

What is a personal loan and how can you avail one? Find out the basic facts and useful information below. Once you have the background FAQs covered, you can visit the comparison area to start your search for the perfect loan.

What is a Personal Loan?

A personal loan is an unsecured loan, in other words it does not require a security as collateral (such as a home loan or other secured loan type). Personal loans are therefore very flexible and can be used for a wide variety of purposes, especially when you simply do not have enough money available to cover immediate costs.

Whether you want to purchase a new television, deal with your credit card debts, pay for a family vacation or any other purpose, a personal loan can be used.

How Much Can I Borrow?

Generally a personal loan is offered based upon your personal financial circumstances. In other words, the bank or lender will look at your monthly income and financial background to determine how much they can lend to you. Other aspects they will consider include:

  • Your credit rating
  • Your employment security
  • Where you live (residential location)
  • Your current financial situation

Check with the lender / bank to find out the minimum and maximum borrowing amount they offer.

Am I Eligible?

As mentioned above, the bank will consider a variety of factors before approving your personal loan application. Usually they will have a certain set of rules regarding eligibility, and these may include:

  • Minimum age (around 21 years)
  • Maximum age (varies, but can be around 65 years)
  • Proof of ID (passport, driving license, PAN card, voter's license)
  • Proof of residence (utility bill, ration card)
  • Proof of income

What is the Minimum and Maximum Tenure?

This depends on the bank or lender that you apply from. A typical tenure on a personal loan is between 1 and 7 years.

        


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