No security, guarantor, or collateral needed for personal loan. Your shares and debentures are the security for your loan.

For most credit cards, the interest rate on cash withdrawals and credit outstanding for purchases made is the same. But here is the kicker - for the purchases you make through your card you get an interest-free period to pay back. Cash withdrawals on your card have no such benefits; interest is charged from the moment you withdraw the cash. And do not forget the transaction charge - this is a charge levied on the withdrawal at the ATM.

The loan disbursal process may be quicker for some banks compared to the others. Private and foreign banks use external agencies such as direct selling agents (DSAs) to quickly process the loan by coming to your home or office. In the case of most public sector banks, you have to personally visit the local branch to process the loan.

The factors that decide how good an interest rate you can get for your personal loan include your income, your employer's profile, and your repayment track record for other existing loans. Many people, these days, take personal loans to repay their credit card dues, which carry a higher interest rates than personal loan.

The car refinance loan is essentially a secured loan like a home mortgage loan. However, the process is much simpler and much faster. The car refinance loans allow you to take a loan on your existing car, by pledging the car registration papers at the lender's. There is a difference between the traditional car loan and a car refinance loan - The former is used to purchase of a car while the latter is used to solve your money requirement by pledging a car you already own.

Before you decide on a personal loan, go through our information package on the subject. It will explain and simplify the personal loan procedures and the necessary paperwork so that you can make an informed choice.

Personal loans are probably the fastest and most easily available of retail loan products. They are, however, costlier than other loans, such as home loans, loans against property, or loans against shares.

The eligibility criteria for a personal loan are often more stringent than those applied for other categories of loans. This is because the financier views these loans as riskier than any other loan. They are, after all, loans offered with no strings attached.

After you finalise your lender, the lender's direct selling agent will visit you and collect documents supporting proof of income, residence proof, and identity. You may be required to produce copies of IT returns, salary slips, bank statements, ration card, passport, driving licence, and other relevant documents. These requirements vary from lender to lender.

Repayment of a personal loan is done by issuing post-dated cheques for the entire tenure of the contract. The amount of the post-dated cheque would be the EMI i.e. equated monthly installment. Some lenders also permit repayment option by way of standing instructions to your bank account or deduction at source from your salary every month.