- Personal Loan
- Personal loans in India
08-April-2015 written by : FSI-Team
Money plays a very important role in the lives of people. With development in different fields, the lifestyles of urban Indians are rapidly changing. The middle-class people are now working in multinational companies and getting successful. The dreams that they dreamt of as a young man or woman, are now to be fulfilled. The desires to fulfill the personal needs are increasing each day among the youth of the country. The younger generations are working hard and getting a hefty amount of money as salary and with the increase in salary and earnings, their expenditure increases as well.
It should be, mentioned in this regard that what was regarded a luxury in the 90s, has transformed into a necessity in the 21th century. Increase in the spending power and vast requirements of individuals’ results in additional requirement of funds either to meet some basic requirements or to fulfill dreams like travelling overseas or others. Some needs can be situation base like emergency medical requirement, weddings, education fees etc. These problems are faced by many people and each individual’s needs may be different. Thus they need money to achieve the desired objective, but limited money becomes the biggest barrier to not only the dreams but also the necessities of the common man.
The saviors in these situations are the hundreds of banks, financial organizations and private lender of India that grant personal loans. These loans are simply those unsecured retail loans which are provided for personal expenses of an individual or family. There are 5 broad categories of loans for personal purposes. The interest rate varies from bank to bank as well as the criteria for getting the loan
Personal loan has become an one of essential part in the lives of people of India for quick finance and the banks are doing their best to help the people.