PERSONAL LOAN is an unsecured loan given to borrower against his Income and credit worthiness without any security or guarantor. It is simplest loan in terms of documentation. It is a temporary loan [12 to 60 months] to meet small needs [up to 15 lacs] of borrower for immediate [Within 4-6 working Days] cash requirement for short term in easy way [Few Documents Require]. Personal Loan is better than borrowing on Credit card in terms of Rate of Interest, but more expensive than secured loan.
Personal Loan for Salaried and Self Employed Professional like engineers, doctors, Chartered Accounts etc can avail loan from Banks. Loan amount is repaid as Equated Monthly Installment (EMI).
Comparison of best deals for loans with Rate of Interest (ROI), tenure, loan amount from various banks is provided by loanmoney.in for your ready references. Check our EMI calculator for EMI amount, interest paid, flat rate of interest etc.