An unsecured borrowing, the term Personal Loan implies an amount of money borrowed for a variety of purposes. This multi-purpose loan has no end-usage restrictions, and can be used to consolidate debt, pay for home renovation, organize a wedding, or any other purpose the borrower deems fit. The borrowing has to be repaid over a period with interest along with other fees and charges.

Personal Loans are collateral-free unsecured loans offered by almost all Banks and NBFCs, and are approved within 24 hours to 7 business days. These funds are multi-purpose loans without end-usage restrictions, and thus can be used for varied purposes ranging from emergencies to vacations. Easy documentation and quick approval makes these collateral-free loans easy to avail and hassle-free in times of need.

Most Banks and NBFCs offer you a personal loan amount to the tune of Rs. 25 Lakhs as an individual after a check on your age, employment, income, and creditworthiness. In case, you are a salaried person, you may be allowed to apply for a loan amount up to 20 times your monthly income at your lender’s discretion.

Experts recommend a credit card for short-term debt. On the other hand, a personal loan proves more suitable for longer repayment tenures. Depending on your requirement, go for a home loan when you are ready to buy a house. A personal loan proves useful when you require extra cash. Personal loans and Credit Cards are unsecured forms of credit, while you mortgage your house when you avail a home loan. Depending on your need, check your loan value, loan tenure, interest rate, processing fees, and hidden charges offers before you decide on a Personal Loan, a Home Loan, or a Credit Card.

Approval of your Personal Loan depends on your lender. You personal loan approval in terms of time however depending on your lender may be approved instantly within 24 hours or may take up to 7 business days based on your credit score.

Apply for a personal loan in the following manner.

• Decide the Exact Amount to Borrow
• Use a Personal Loan Eligibility Calculator
• Calculate Your Credit Score
• Check your Documentation
• Fill out the Personal Loan Application Form
• Submit Relevant Documents
• Lender Verification of Documents
• Assessment and Approval
• Disbursal of Loan Amount into your Bank Account

There are options from financial institutions for co-applications for Personal loans. However, just about anyone cannot become a co-borrower. Depending on your lender, you can co-apply jointly with your spouse, parents, or siblings.

PayULoans offers in association with well-known Banks and NBFCs Personal Loan tenures ranging from 1 to 5 years or 12 to 72 months. You choose your loan period according to your repayment capacities to suit your needs.