Office No. 54, Yashwant Shopping Centre, Opposite Railway Station, Borivali (E), Mumbai.

Personal Loan

Personal Loan

A personal loan is a type of unsecured loan that allows you to borrow money from a financial institution for a variety of personal needs:

  • What it is: A personal loan is a flexible financial instrument that you can use to meet immediate needs, such as paying for medical bills, home improvements, or debt consolidation.
  • How it works: You borrow a fixed amount of money and repay it over a set period of time, usually with interest.
  • How it differs from other loans: Unlike a secured loan, a personal loan doesn't require collateral, such as your car or home.
  • How you apply: You apply for a loan, submit documents, and the bank checks your credit worthiness.
  • How you get the money: Once the loan is funded, the money is paid to you, usually by direct deposit or check.
  • How you repay the loan: You repay the loan according to the terms in your loan agreement.
  • How you can use the money: You can use the money for any legitimate financial need.
  • How it can affect your credit score: Late or missed repayments can negatively impact your credit score.

Personal loans can be obtained from banks, credit unions, or online lenders. The criteria for sanctioning a loan are mainly dependent on your income and credit score