Personal loan allows you to borrow money for almost all your requirements and to have a better experience, there are certain points you must know before availing a personal loan.

• Loan Amount & Tenure: Depending on your income and repayment capacity, decide upon the loan amount you need and for how much duration.
• Eligibility: Checkout eligibility criteria of different banks and identify in which one do you fit the most.
• Processing Time: For your immediate monetary requirements, knowing about the processing time of personal loan can be of great help.
• Interest Rate & other charges: Your complete loan experience depends upon the interest rate, processing charges, prepayment charges and other such charges. Know them before hand to take a well-informed decision.
• Repayment History: Your financial health will define your credit worthiness. Make sure you have all the necessary documents to prove your strong credit history and income.
• Documentation: Jot down the list of documents required to apply for personal loan.
• Foreclosure: Do not ignore independent foreclosure policy and charges of different banks.

Personal Loan Advantages:

• First and foremost advantage of a Personal loan is that it is an any purpose loan.  Be it be holidays, wedding  in family, to pay off your dues in credit cards, sending your child for higher education, buying jewellery, buying a piece of plot which otherwise no banks fund, and to meet any contingencies. You neednot have to furnish the end use of loan to the bank.
• The loan doesnot require any security or collateral. It doesnot require a guarantor either.
• The documentation involved is very minimal.
• The time taken for processing is minimal.