Overview
A Personal Loan is an unsecured loan provided by banks and NBFCs to individuals for meeting personal financial needs. It does not require any collateral or security and is granted based on the applicant’s income, employment stability, repayment capacity, and credit score. Personal loans are one of the most popular financing options in India due to their quick approval and minimal documentation.
Personal loans can be used for various purposes such as medical emergencies, wedding expenses, travel, home renovation, education expenses, debt consolidation, or any urgent financial requirement. Since there is no restriction on end use in most cases, borrowers get flexibility in managing their funds. However, because it is an unsecured loan, the interest rate may be higher compared to secured loans.
The eligibility for a personal loan depends on factors such as monthly income, employment type, CIBIL score, existing liabilities, and age. Salaried individuals, self employed professionals, and business owners can apply. Lenders assess Income Tax Returns, salary slips, bank statements, and credit history before sanctioning the loan. Repayment is usually done through fixed monthly instalments over a tenure ranging from 12 months to 60 months or more.
At BizGlobal, we assist individuals in securing personal loans with proper documentation and lender coordination. We analyse eligibility, compare lender options, and help in smooth application processing. Our goal is to ensure quick approvals, competitive interest rates, and hassle free disbursement so that you can meet your financial needs without stress.
