Unsecured personal loan
Unsecured personal loans are offered by lending institutions such as banks and building societies and are so called because the lender requires no security for the debt. They are not available for speculative or business purposes. Depending on the individual lender some other purposes may also be excluded, for example, the purchase of timeshare property. Given below is a quick and easy guide to personal loans in India.
Choose the right loan
Personal loans are available within a range of different amounts and repayment terms. Depending on the amount and purpose of the loan, you will be able to choose from a range of repayment periods. Larger loans such as that of Rs. 25 lakhs can usually be taken over longer terms i.e. 7 to 10 years. The minimum loan amount is generally Rs.1 lakh, although some lenders offer Rs. 50, 000 and upwards. The maximum amount you can loan out is Rs. 30 lakhs, although this will vary between lenders and products.