1. Alternatives to Personal Loans

2. What is Personal Loan? Personal loan is a loan granted for personal use like household benefits (furnishing, purchase of electronic products, etc.), family benefits (education, vacation), medical purposes Personal loans are either unsecured or secured type Users can apply for personal loan in the nearby branches or can be applied online as well 3. Pros & Cons 4. ProsCons Minimal documentation There is no security required Usage options are multiple One can avail personal loan quickly The major problem with personal loans is interest rates (Anything between 15 and 25%) Background history is strongly checked Tenure period is not more than 5 years 5. Things to Remember 6. Important Tips More than opting for personal loan, it is recommended to save your finances if you are aware of any upcoming expense It would be wise enough to consult different banks for their interest rates as this may vary from bank to bank 7. What are the alternatives? 8. Loan Against Fixed Deposits Loan is given against your own fixed deposits You have to repay the loan taken during the fixed deposit tenure as an EMI Minimal documentation 9. Gold Loan Gold loan has always been a part of rural areas. However, the trend for loan against gold is available these days in metros as well Gold loans are available on the basis of your jewelry The loan amount is decided on the basis of the purity of gold 10. Loan Against Property This loan is given against your property Based on the value of your property, the loan amount is calculated 11. Loan Against Shares Loan is given against the shares of the companies which you hold 12. Loan Against Life Insurance Policies Banks do give loans against your life insurance policies basis the value of the insurance 13. References http://articles.economictimes.indiatimes.com/2013-1017/personal-finance/43144423_1_gold-loan-loanamount-prompt-repayment http://en.wikipedia.org/wiki/Loan 14. Thank You