There are many such situations in our life where we do need some urgent money for our personal use and that cannot be ignored. Personal loan is for such purposes and make it easy for a person to fulfil their financial requirement without any delay. This often proves to be helpful in the times of requirements. Personal loan is mostly preferred by the people because of its low rate of interests, small EMIs and quick approvals. Moreover, it does not require any documentation like other loans required. There are many benefits of personal loan, which makes people to apply for such loan.

This loan can be used for any purpose. Usually there is no need guarantor but sometimes there is need of guarantor or some valuable thing.

What is the eligibility of personal loan?

There are many other conditions, which are applied while a person is applying for the personal loan.

The most important thing that matters is the eligibility of an applicant for repaying their EMI. Usually such loan is lending to such people those who do not spend 50% of their salary for such purposes. So application approval completely depend up on the repaying capacity of an applicant.

Usually many banking and non-banking financial companies decide the loan amount after calculating the monthly income. Usually the loan amount goes up to 30 times of their monthly income.

Where you should use personal loan?

The reason for applying for the personal loan can be any. It can be buying a car or a bike, going on a vacation, money needed to renovate house, marriage purposes and there are be any reason. Even personal loan can also be used to repay any other loan. Some people also use it to expand their business or any business related issues. It completely depend upon the requirement of the borrower.