Personal loan is one of the finances that have gain demand in short frame of time. This is because of its various benefits that one gets by availing personal loan. In India, one can avail personal loan as an unsecured finance, i.e. one can avail finance without providing collateral or security of their property or assets to the lender. The person can get this finance easily and conveniently, as it requires minimal documentation. The person can use this finance for multiple usages according to their requirement.

The customer can use this finance for personal or professional requirements, like wedding purpose, travelling expenses, paying off debts, purchase of car, higher education, paying off utility bills, purchase of consumer durable goods, medical emergency, initiating new business, business expansion and many more. The customer can get this finance easily, as many banks and financial institutions provide the personal loan in India. Some of the popular players of personal loan are SBI, HDFC, ICICI, Axis, Fullerton, CITI, Standard Chartered, DHFL and many more. These lenders provide personal loan at lucrative interest rates with attractive offers, so as to attract more loan seekers towards themselves. This is so; in market large numbers of lenders are present who provides personal finance.

However, customer should not go with these offerings; instead should do thorough research before applying for the personal finance. This is so; the bank not only levies interest rate on the personal finance, but also levies processing fee and prepayment charges. Therefore, person should compare various lenders on the base of personal loan interest rates, tenure, amount, processing fee, prepayment charges, and norms. The customer should select that lender that provides the best deal for the personal finance. The loan seeker can check these things online and even can calculate loan EMI by EMI calculator, as most of the lenders provides this facility on their sites.

Even the bank checks customers profile before sanctioning the personal finance. This is so; the bank has no other way for recovery of their loan amount, in case the customer does not do loan repayment. The bank checks these things through customer documents that one submits with personal finance form. The bank verifies these documents and base on them decides about the personal loan interest rates, tenure and amount.

Thus, customer should be checking their credit worthiness, repaying ability, financial position before applying for the personal finance.