InvestorQ : i want a personal loan
billa johnson babu made post

i want a personal loan

varsha Motwani answered.
3 years ago
A personal loan, in simple terms, is an unsecured loan that is taken by an individual from a bank or a non-banking financial company (NBFC) to meet their personal needs.

How does it works? Unlike a home or a car loan, a personal loan is not secured against any asset. This means that you don’t have to give any collateral to the lender (bank/NBFC) and in case of a default, the lender cannot auction anything you own.
Drawback of personal loan is the high-interest rates. 

Criteria to apply for the loan: income level, credit and employment history, repayment capacity, etc.

I have read about personal loan and significant guidelines that helped me to learn about how to apply it. Click the link to read the similar query: