Personal loan : Now An Easy Option
Some years ago, you may have found it tough to approach any bank for a personal loan. The choices were few; maybe ICICI Bank, State bank of India and a few others. Not any more.
Competition is hotting up and most banks are now compete with each other to aggressively market personal loans. Though personal loans constitute a small segment of the retail loan portfolio of banks, its share, particularly in private and foreign banks, is steadily rising.
What matters the most to an individual is obviously the cost of credit as the terms and conditions for personal loans, like any other loan, vary among banks.
Besides pricing of the product, customers look at documentation requirements and the quality of service offered by the bank and the speed at which the loan is approved.
This is because personal loans are often time-related, for instance, you may need it for your daughter’s marriage or for renovating your home or to buy consumer durables or retire old debts.