Many times customers experience financial crisis, during those moments they would have to borrow money as soon as possible. They either borrow from relatives and friends. Such an immediate requirement can be fulfilled by banks and other financial institutions through personal loans
A personal loan is an unsecured financial product available to both the salaried and self-employed individual Various products available to procure personal loans are as follows:
- Income based: Eligibility is calculated on the bases of the income paper of an individual
- Credit card based:If any customer who has a credit card with more than 12 month vintage, different banks provide different multipliers on credit limits available on card and disburse the loan
- Repayment based: If currently customers are utilizing any loan which is more than 12 months old, then based on their repayment history, the bank funds them the loan