Personal Loan Story

A personal loan is a financial tool where you borrow a fixed amount, repay in instalments with interest. It's unsecured, meaning no collateral is required. Moreover, the absence of an end-usage restriction allows you to use the loan for any personal purpose.

Consider interest rates, tenure, and fees. Check your credit score, compare offers, and opt for a lender with transparent terms and minimal charges.

Maintain a good credit score, provide accurate information, and keep your debt-to-income ratio in check. Avoid multiple loan applications within a short period.

You could apply online or visit a bank. Have KYC documents, proof of income, and bank statements ready. The process involves filling a form and verification.

Watch out for high-interest rates, hidden fees, and penalties. Ensure you understand the repayment terms and any prepayment charges before signing the agreement.