Personal Loan is a general purpose loan. In details, it is an unsecured loan taken by individuals from a bank or a non-banking source (NBFC) to meet their personal needs. Unsecured means here, a Personal Loan is not secured against any asset like a home loan or a car loan. Since it’s an unsecured loan the borrower does not put up anything like gold or property to avail it and the lender, in case of the borrower does not able to pay, cannot auction anything he owns. It is provided on the basis of income level, repayment capacity, credit and employment history, etc. Although, the interest rates on Personal Loans may be higher than those on home, car or gold loans. But it is fine because of the greater perceived risk when sanctioning them.
|Maximum APR (Annual Percentage Rate)||10.75% - 22%.|
|Fee applicable for BookMyMoney||Rs 0.|
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