Personal Loan
Personal Loan is an unsecured credit provided by financial institutions based on criteria like employment history, repayment capacity, income level, profession and credit history. Personal Loan, which is also known as a consumer loan is a multi-purpose loan, which you can use to meet any of your immediate needs.
No Collateral Required
Personal loans are typically unsecured, meaning they do not require collateral such as a home or car to secure the loan. This reduces the risk to borrowers who may not have assets to pledge as collateral, making personal loans accessible to a wider range of individuals.
Flexibility
Personal loans can be used for a variety of purposes, giving borrowers the flexibility to address different financial needs. Whether consolidating debt, covering medical expenses, financing a vacation, or making home improvements, borrowers have the freedom to use the loan funds as they see fit.
Just like a Recurring DepoPersonal loans often provide quick access to funds, with streamlined application processes and rapid approval times, allowing borrowers to address financial needs promptly.
Some banks provide the option of a sweep-out facility where the amount above a particular balance in a Savings Account is automatically converted to a Fixed Deposit. This helps the Savings Account earn more interest.