Personal Loans

QWhat Is A Personal Loan?
AA personal loan is an unsecured loan. That means you don't have to put up any collateral, as with a car loan or a home loan, where the underlying asset is mortgaged with the lender. Normally, the lender does not ask for guarantors either. More advantages: minimum documentation and speedy clearance (within three to seven days of applying). And there is no monitoring of Ñend useÒ -- you can use the loan for any purpose you like. But youÒve tried applying for a personal loan, youÒve probably been told all this before. What you werenÒt told: although this loan is generally an unsecured product, some banks do ask for collateral and guarantors. So the form of the product across the industry is by no means standard. Expect variation in the terms and conditions as well as the eligibility conditions across different lenders.