Dreams, needs and wants come as a part and parcel of every individual. You want to go for a vacation, but then you don't have enough money to reach your dream destination. You want to buy a note book and you have to save for months to get it. You might have just utilized all your savings in buying a new house and now there is nothing left for furnishing it.
Personal loans are loans taken by individual person in his own capacity banks and institutions give personal loans on your personal financial credibility. The amount which you can borrow depends on your financial health which depends on your income, age, and repayment capacity. The credit appraisal methods vary with different banks, however these are a few guidelines to evaluate your eligibility to take a personal loan
Personal Loans alleviate most of the hassles that come with conventional loans - paper work, delay in sanctioning and disbursement, necessity of a guarantor and more importantly hypothecation of the asset financed.

No Security/Guarantor Required
The most attractive feature of the personal loan is that you do not have to give any kind of security to avail this loan. No physical security or hypothecation of assets is required. You don't have to mortgage any property or arrange for insurance of the asset There are no guarantors required, thereby saving you the embarrassment and anxiety of asking friends or relatives.

Total Confidentiality
You don't have to provide any Company or Corporate Guarantee, which means that your colleagues don't need to know you are applying for loan, thereby keeping intact your social status. Personal Loans allow you total confidentiality.

No Questions Asked
No questions are asked on the end use of loan, giving you complete freedom to use the loan as you like. You are not answerable to the questions like why the loan is taken, where the loan is used etc.

Easy Repayment
Personal Loans are repayable in equal monthly installments, or EMIs as they are popularly called. The EMI facility ensures that you are not burdened to pay up a huge amount at one go. The repayment is spread over the tenure opted by you (12 months to 60 months) thereby allowing you greater flexibility to pay as you please. Banks also provide you with the option to prepay the loan before the termination of the opted tenure.

Simple documentation
Personal Loans are targeted towards salaried individuals who occupy positions in the managerial cadre. As such, the documentation is easy and in most cases, your salary slip, bank statement and a proof of identity is required.

However, keep in mind that.
Personal Loans don't come cheap
Personal Loans do not require any security or hypothecation of assets. Thus according to the banking industry, the differential between an asset backed loan and an unsecured loan is a minimum of 5% to cover the additional risk the lending institution is exposed to. This leads to a high rate of interest of 17.5% compared to any other secured loan of 7.5%.
Personal Loans are not for everyone
Personal loans are generally available to salaried individuals who are working within certain types of companies whose approved list varies from bank and financial institutes at their on discrimination.
Self-employed people like doctors, chartered accountants, engineers, management consultants, architects and lawyers are given loans based upon their net take home salary or gross earnings.
Pre-payment at one go only
When the banks offer you the option of pre-payment it does not give the flexibility of part payment .If you decide to repay the loan earlier than the pre-determined period, you have to pay the whole outstanding principal. If you have a minimal surplus available to pay a part of your loan that would reduce your interest burden, but the bank does not allow it.
Bankloanindia's personal loan advisor will provide you with all available fact and figures and shall guide you in process of taking personal loan. we shall also advise you about the different types of loans available and guide you in process of applying for loan and look after other formalities and do the required follow up till the loan is disbursed to you.