| Â | | | | EMI amount, without attracting any prepayment |
| The quickest and easiest way is to take personal | | | | penalty. |
| loans. Loan taking for personal purpose such as | | | | To get the attraction of more people Indian |
| for purchasing a expensive electronic accessory, | | | | Banks come with additional benefits to those |
| daughter's marriage etc. comes under the | | | | seeking personal loans Like the HDFC bank offers |
| category of personal loan. These are the unique | | | | the unique personal accident cover insurance to |
| retails loan products offered by a number of | | | | the borrowers of personal loan, which ensures the |
| Banks nowadays in India. The personal loan is | | | | borrower's family and comes with a very nominal |
| available in various types such as Consumer | | | | premium. On the other hand, the UTI bank comes |
| Durable Loan, Marriage Loan, Pension Loan, | | | | with the offer of free personal accident insurance |
| Festival Loan and Personal Computer Loan. | | | | cover which gives zero balance savings account |
| Though, the personal loan is broadly categorised | | | | facility to their personal loan customers. |
| into two types - secured and unsecured. In | | | | The personal loan market in India is growing day |
| secured personal loan the borrower has to keep | | | | by day. If the borrower has a satisfactory track |
| his property to the bank as security where in | | | | record, a credit card with good record for the |
| unsecured personal loan, there is no need to keep | | | | previous one year and/or a clean credit history of |
| any security near Bank. | | | | any previous loan repayment then he can bargain |
| There are very minimum documents and eligibility | | | | for the best rates with the bank for the personal |
| criteria are required for taking personal loans and | | | | loan. Various Banks offer different personal loan |
| if the bank is satisfied about the borrower's | | | | interest rates. Some of them offer really low |
| credentials and repayment capacity, the loan | | | | interest personal loan to their customers. For |
| dispersal is almost immediate. To get this kind of | | | | taking low interest personal loan, the borrower will |
| loans the borrower has to pay some charges to | | | | need to have a really exemplary credit history. If |
| the banks. This processing fees and administrative | | | | he has ever defaulted on a loan before there is |
| charges vary between 1% to 5% of the loan | | | | no chance you will get a low interest personal loan. |
| amount. Indian banks usually do not demand for | | | | The bank will check the borrower's sources of |
| any security, guarantor or collateral for issuing | | | | income and his ability to repay the loan amount. |
| personal loans, they just keeps in mind about the | | | | To get a low interest personal loan, the borrower |
| the repayment capacity and regular income of | | | | is required to prove himself/herself and convince |
| the borrower. | | | | the bank that he/she is the kind of client that |
| If the borrower wants to prepay the amount of | | | | they want to deal with. That can be done by |
| personal loan the banks will usually charge a | | | | showing a clean credit record, previous year's paid |
| prepayment penalty. This penalty is usually up to | | | | taxes and the documents of income. By having all |
| 5% of the outstanding loan amount. Though State | | | | the necessary documents and presenting himself |
| Bank of India do not charge anything for | | | | in a professional manner, the borrower will |
| repayment of loan amount. By having the SBI's | | | | increase his chances of getting a low interest |
| Saral Personal Loan one can pay more than the | | | | personal loan. |