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Personal Loans Discuss personal loans, secured and unsecured, and general borrowing.

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Old 12-23-2017, 12:36 AM
capitaworld capitaworld is offline
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Join Date: Jul 2017
Posts: 27
Default What is a personal loan?


A Personal loan is taken by an Individual to fulfill his/her personal needs. Repayment can be done through fixed EMI over a fixed term. No guarantor or co-applicant is required.

Application of Funds:

You can have the personal loan for n number of reason. Primarily, the personal loans are taken for 6 reasons:

Business Needs



Asset Acquisition

Debt Consolidation

Agriculture Purpose

The main advantages of a personal loan include the following:

  • Relatively quick (because they do not require as much documentation as a home or auto loan).
  • No restriction on how you can spend the money
  • Do not require any collateral. So if you do not have any assets like a home, or shares or gold to offer as security, and are in need of money urgently, this is perhaps the most convenient option.
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Old 12-28-2017, 06:57 AM
Banknomics Banknomics is offline
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Join Date: Oct 2017
Location: 56, Akashneem Marg, DLF Phase 2,Guragaon, Haryana, India
Posts: 23
Cool Re: What is a personal loan?

Personal loan is the best way to opt the financial help for the personal needs. one can apply for the personal Loan for medical emergencies, For educational needs, For marriage, for Family tour and other personal needs. There two types of personal loans:
  • Secured personal loan
  • unsecured Personal Loan
In secured Personal Loans Bank and NBFCs ask for some collaterals whether in Unsecured Personal Loans they never ask for any collateral. Interest rates of Unsecured Personal Loans are quite costly as compared to the secured Personal Loan.
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Old 01-08-2018, 07:12 AM
paydayloansca paydayloansca is offline
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Join Date: Dec 2017
Location: Vancouver,BC
Posts: 1
Default Re: What is a personal loan?

Personal Loan is simply a short term loan taken for fulfilling the personal needs of any individual. A personal loan is also called online payday loan. They are easily available online.
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Old 01-24-2018, 01:46 AM
Quikrupee Quikrupee is offline
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Join Date: Oct 2017
Posts: 29
Default Re: What is a personal loan?

personal loan is a taken by an individual who is salaried working professional taken to solve his personal expenses or personal needs like marriage expenses, medical expenses, children educational expenses or traveling expenses. It is also taken by the businessmen to solve any financial crises in the business. Mostly personal loan is given without any security with just 3-month pay slip and good banking and CIBIL score. Personal loan is also disbursed under security which pays less interest and higher loan value than unsecured personal loan.
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