InvestorQ : Sar mere ko loan chahie personal loan
mohan sharma made post

Sar mere ko loan chahie personal loan

varsha Motwani answered.
8 months 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.

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