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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.

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.