APPLY FOR PERSONAL LOAN

  • 1 - Basic Details
  • 2 - Additional Details

  

PERSONAL LOAN FAQ's

  • When should one take a personal loan?
    A personal loan is the best option if you need funds for an urgent need or a short period. It can be availed for any purpose. Since it is an unsecured loan, the lender approves the loan basis the applicant’s details such as age, income, existing liabilities, and credit score, among others. No time is spent in the assessment of the collateral unlike in case of a secured loan such as gold loan or loan against securities or loan against property. There could be different types or kinds of personal loans depending on the end-use. But usually, a personal loan is of only one type and it can be availed of for any kind of requirement.
  • What can a personal loan be used for?
    A personal loan is an unsecured loan with no restriction on the end-use. The purpose of the loan can be either consumption or productive use. For instance, you could borrow a loan for buying a high-end home theatre system, for a medical emergency if your health insurance falls short, for a foreign holiday with your family, etc. If you are an entrepreneur a personal loan can come in handy for expanding your business, such as adding more inventory or making the down payment for new office premises, etc.
  • Is a personal loan available for a holiday or travel purposes?
    If you dream of travelling the world and visiting exotic locations, you can avail a personal loan.
  • Is a private function, such as a wedding reception, eligible for a personal loan?
    A wedding is a once-in-a-lifetime event and everyone wants it to be memorable. If you are falling short of funds to celebrate your wedding, you can apply for personal loan to make up for the deficit.
  • Should one show hospital bills when taking a personal loan for a medical emergency?
    Surgery or prolonged hospitalisation could set you back by a few lakhs, given the rising medical costs. If you need additional funds despite having a health cover, you can easily borrow a personal loan. There is no need to produce any medical reports or hospital bills for the same.
  • Can personal loans be used for a commercial purpose such as buying raw material for a business?
    If you have exhausted your term loan limits allowed by your bank but still need funds for your business, you can apply for personal loan. The loan will be sanctioned based on your individual credit history but can be used for your business.