Personal Loan

Personal loan is the amount borrowed by any individual person to meet his/her personal requirements. Personal loan is an unsecured loan without any security. Borrower can spend the amount on any of general or private expenses. There is no restriction on the utilization of the loan amount, thus individual may spend the money as per his/her wish. The purpose for taking the personal loan may be to spend amount on any travel plan, or for purchasing of any home furnishing product or to arrange any celebration event etc. Now a days getting a personal loan is very much easier but the main consideration you should keep in mind is the interest rate and other hidden charges.

The rate of interest on almost all personal loans is fixed throughout the tenure of the loan. The table below shows the indicative rate of interest charged by various banks. The final rate offered by the bank may differ depending on the profile and other evaluation parameters that a bank might choose.