A personal loan is granted to the borrower to meet the requirements of immediate personal needs. These loans may be acquired for a variety of purposes like home renovation, credit card payments or some family function like marriage etc.
Personal loans are of two types:
(a) Secured loansIn secured loans, you will have to pledge some collateral like your assets etc. while no collateral is required to avail unsecured loans. The latter category of personal loan in Delhi is granted to the borrowers on the basis of their financial standings and repayment capacity. Credit Bureau India Limited (CIBIL) keeps records of your credit history and gives you credit rating based on your past credit card and loan repayment transactions. Your credit history is taken into consideration by some money lenders and it plays a crucial role in the acceptance or rejection of your loan application, especially if it is adverse.
