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Questions (FAQs) on
What is a Personal Loan ?
Personal loan is borrowing of money by a person from a bank or a non-banking financial company (NBFC) or Micro Finance Institutions (MFIs) to meet his/her personal needs. A bank or NBFC or MFI provides a personal loan after assessing the annual income level, income tax filing, credit score (CIBIL) and previous loans credit history, employment history, repayment capacity, etc.
Getting a personal loan (PL) doesn’t require a person to provide any collateral or security or guarantee against possible default. Since there is no security, so this can be termed as a type of Unsecured Loan.
Which companies offer Personal Loan (PL) ?
Almost all major private sector banks, public sector banks , NBFCs offer Personal Loans. Though their offerings, terms, rates & documentation may vary. Some of the leading companies offering personal loans are:
PL FROM PRIVATE BANKS
Axis Bank Personal Loan | Citibank Personal Loan | Federal Bank Personal Loan | HDFC Bank Personal Loan | HSBC Personal Loan | ICICI Bank Personal Loan | Indian Bank Personal Loan | ING Vysya Personal Loan | Kotak Bank Personal Loan | RBL Bank Personal Loan | Standard Chartered Personal Loan | Yes Bank Personal Loan
PL FROM PUBLIC SECTOR BANKS
Allahabad Bank Personal Loan | Andhra Bank Personal Loan | Bank of Baroda Personal Loan | Bank of India Personal Loan | Bank of Maharashtra Personal Loan | Canara Bank Personal Loan | Central Bank Personal Loan | Corporation Bank Personal Loan | Dena Bank Personal Loan | IDBI Personal Loan | PNB Personal Loan | SBI Personal Loan | Syndicate Bank Personal Loan | UCO Bank Personal Loan | Union Bank Personal Loan | United Bank Personal Loan | Vijaya Bank Personal Loan
PL FROM NBFCs & MFIs
Aditya Birla Finance Personal Loan | Bajaj Finserv Personal loan | Bandhan Financial Services | Capital First Personal Loan | Cashpor Micro Credit | Fullerton India Personal Loan | HDBFS Personal Loan | SKS Finance | Tata Cap Personal Loan | Ujjivan Finance | Utkarsh Mircofinance
6 Tips for Personal Loan
Know how much to borrow.
Don’t borrow what you can’t easily repay.
Bargain for lower interest rates on your PL.
Long tenure means lower EMI but long Tenure also means higher interest cost.
Keep your credit score & credit history for PL approval.
Keep the documents ready before applying.
How does a Personal Loan Advisor help you ?
A personal loan advisor has loan arrangements with multiple banks & hence can give you a detailed comparison. Making comparison may help you pick good deals. Personal loan advisor also helps you doing the documentation which ultimately quickens your personal loan application processing. For those having low CIBIL scores or loan rejection history, an expert PL advisor may come handy in getting it processed.