Personal Loan
It is an unsecured loan taken by an individual from a bank or a non-banking financial company (NBFC) on the basis of his salary to meet their personal needs.
Overview
A personal loan is further divided into 2 categories Eg: salary transfer loan and non-salary transfer loan. Salary transfer loan is economical whereas non-salary transfer loan is usually expensive as compared with STL. However, there is much difference in terms of loan amount, documentation and tenure, etc in both loans.