Personal Loans are taken to serve some purposes that are needed to be covered on an immediate basis. It doesn’t require one to produce any of the collateral to fulfill any of the personal need. The money can be used for wedding purposes, holidays and to buy consumer durable goods.

 Around 10 to 15 banks provide these loans without any security. HDFC, SBI, PNB and NBFC’s like Fullerton India are some of these.

Various Loan schemes like Personal Loan HDFC, Personal loan from SBI and others too are present in front of you. Hence it is important to compare various factors like Emi, interest rates etc to choose the best suitable deal.

Advantages of personal loans

• Various advantages of unsecured loans are listed as below:

• No need to provide any security as collateral to the bank.

• Loan amount can vary from Rs 50,000 to Rs 30 lakhs.

• Process for availing these loans is very simple and fast. It takes about 48 hours to disburse this loan. It can take 7 working days to disburse when borrower is not ready with his documents.

• No bank asks the borrower the reason for availing such loan.

Choosing the best bank for availing unsecured loans:

• Gather data about the banks present in your area.

• Gather information like the interest rates they are offering, tenure period and charges like processing fees and many more.

• However getting such information on a personal basis is quite time consuming. Visit Online and you will find various Online Financial Services providers like Dialabank.com. They provide you the single platform for to compare across different banks and to go with the cheapest one.

• They do not impose any fees from their consumer and thus will help you in saving time and your money.

• These websites have some calculators like Personal Loan Emi Calculator through which a person can estimate the best loan deal according to his budget. In this calculator, he will only have to enter the interest rate, loan amount and the tenure period. As a result, you will get to know about the expected Emi you will have to pay. It also helps individual in determining his loan eligibility.

Things to do before applying for an unsecured loan:

• Approach banks and their websites too.

• Try to look out at the documents needed for applying such loans.

• Generally banks demand identity proofs, residence proofs and other documents like ITR. So try collect all of the documents in case of the pressing need of money.

• If you are a salaried worker, you will have to submit the income proof and Form 16.

• If you are self employed person, you will have to submit ITR proof along with profit and loss statements.