The credit market offers a wide range of personal loan products and most of them can be availed in both secured (credit assistance against collateral) and unsecured (credit assistance without collateral) form. The basic difference between the two sub-types is the presence or absence of collateral, which has both advantages and disadvantages.

Unsecured personal loans are most suitable for small and short-term monetary requirements, and for people who are unwilling to get into property related legalities and risk their property for a small amount (homeowners and property owners), and the only alternative for people who do not own any valuable asset to pledge (tenants and students).

Secured personal loans, on the other hand, are most suitable for big and long-term monetary requirements, and for people who are capable and willing to pledge collateral – homeowners and property owners – as they ensure maximum loan benefits.

Market report shows that the demand for both sub-types is increasing because they both prove to be advantageous in different situations. Basically, no financial product follows a one-size-fits-all approach, and they all are designed with specific criteria and customers in mind. Most of us try to make informed choices that enable us to improve our lifestyles… A financial product should be no different.

Barclays Personal loan

* Borrow up to Rs 17 lacs for any purpose depending on your requirements
* Flexible repayment options, with tenors ranging from 12 to 84 months
* Hassle free loans – no guarantor / security / collateral required
* Speedy loan approval

Eligibility & documentation

* Salaried individuals
* Self-employed individuals
* Self-employed professionals

Salaried individuals include employees of selected Public and Private limited companies, Government sector employees including public sector undertakings and central, state and local bodies.

Eligibility

* Minimum age of applicant: 21 years
* Maximum age of applicant at the time of loan maturity: 60 years
* Minimum gross monthly income: Rs 10,000 p.m.

Documentation required:

* Proof of Identity: Passport / Photo PAN Card / Driving License / Election ID card / Any ID card issued by Armed Forces & Public Sector Units (PSU) which has your photo and confirms your date of birth, signature & address.
* Address Proof: Fixed Line Telephone Bill (Recent) / Government or Local Authority Bill / Bank statement / Driving License / Passport Copy / Any ID card issued by Armed Forces & Public Sector Units (PSU) which has your photo and confirms your date of birth, signature & address.
* Latest 2 salary slips OR latest salary certificate.
* Last 3 months bank statements.

Self-employed individuals include self-employed businessmen.

Eligibility

* Minimum age of applicant: 25 years
* Maximum age of applicant at the time of loan maturity: 65 years
* Minimum gross annual income: Rs 1,00,000 p.a.

Documentation required:

* Proof of Identity: Passport / Photo PAN Card / Driving License / Election ID card / Any ID card issued by Armed Forces & Public Sector Units (PSU) which has your photo and confirms your date of birth, signature & address.
* Address Proof: Fixed Line Telephone Bill (Recent) / Government or Local Authority Bill / Bank statement / Driving License / Passport Copy / Any ID card issued by Armed Forces & Public Sector Units (PSU) which has your photo and confirms your date of birth, signature & address.
* Latest 2 filed Income Tax Returns OR Last Audited Financials with E-Return OR Income Tax Clearance Certificate/ Assessment Order.
* Last 6 months bank statements.

Self-employed professionals include self-employed doctors (MBBS, MD, BDS, MDS) and chartered accountants.

Eligibility

* Minimum age of applicant: 25 years
* Maximum age of applicant at the time of loan maturity: 65 years
* Minimum gross annual income: Rs 1,00,000 p.a.

Documentation required:

* Proof of Identity: Passport / Photo PAN Card / Driving License / Election ID card / Any ID card issued by Armed Forces & Public Sector Units (PSU) which has your photo and confirms your date of birth, signature & address.
* Address Proof: Fixed Line Telephone Bill (Recent) / Government or Local Authority Bill / Bank statement / Driving License / Passport Copy / Any ID card issued by Armed Forces & Public Sector Units (PSU) which has your photo and confirms your date of birth, signature & address.
* Latest 2 filed Income Tax Returns OR Last Audited Financials with E-Return OR Income Tax Clearance Certificate/ Assessment Order.
* Degree Certificate & Registration Certificate.
* Last 6 months bank statements.

Services Charges and Fees

Loan Processing Charges  2% of the principal amount of the loan.*
Interest On Personal loans     As specified from time to time.
Interest On Business installment loans     As specified from time to time.
No Amounts Due Certificate Charge     NIL
Cheque Bounce Charges:     Rs 500
Charge In Case Of Failed ECS/Direct Debit Payment:     ECS: Rs 500 for each failed payment.
Direct Debit: Rs 500 for each failed Direct Debit from a Barclays Bank account.
Charge For Exchanging Post-Dated Cheques, Security Cheques (Per Set) And Changing ECS And Direct Debit Payment: Rs 500
Pre-payment Charges (Applicable To Full Or Partial Pre-payments):     5% of the principal outstanding. Pre-payment is only permitted after six months from the date of first disbursement of the loan.
Cheque swap charges involving intercity transfer, entity change or substitution of liability     Rs 500
Duplicate Annual Interest Certificate     Rs 500

Sources : http://www.barclays.in/