Personal loans

You are in need of some money urgently as your daughter has got admission to study in a US university. However, she is not getting a scholarship right away. Also, your company does not have a scheme for giving loans to its employees. The fixed deposit amount in your bank is not enough and you do not expect to receive a windfall by way of a lottery or a will. So what would you do?

Perhaps, the personal loans offered by banks/ NBFCs are for you. These loans, as opposed to others, can be used for anything – for your daughter’s marriage to repairing your house. And getting it is quite easy. A salary slip, proof of personal identity and signature will just be fine. Other things necessary could be a passport sized photograph and credit card statement.

The loan eligibility depends on the tenure and salary/income. For instance, Citibank gives a loan of around 4x net salary for a 1 year loan, 7x net salary for 2 years, 9x net salary for 3years and so on.

The list of  Major banks that provide Personal Loans ...