Personal loans are loans provided to individuals for needs such as medical expenses, marriage costs, or holidays. Eligibility requires being over 18/21 with sufficient stable income. Loans of ₹50,000 to ₹2,00,000 are typically provided and must be repaid within 12 to 24 months.

1. Personal Loans
Reason, Eligibility
To Whom Advanced
Quantum, Period, Rate of Interest
Personal Loans Retail Banking Chapter 91

2. Reason, Eligibility, To Whom Advanced
Personal loans are loans advanced to individuals for need.
These may be to meet some emergency like hospitalization, medical
expenses or other type of need like marriage expenses, holiday tour
etc.
The eligibility of this type of loan differs from bank to
bank, but normally these loans are advanced to person over the age
of 18/21 having sufficient income to repay the loan in monthly
installments. A certain minimum annual income is also expected.
Personal Loans Retail Banking Chapter 91

3. Quantum, Period, Rate of Interest
The loans can be advanced to persons who are completed at
least one year of service of at Central/State/Public/Joint sector
undertakings, or self employed persons like Doctors, Chartered
accountants, Engineers, Company secretaries with stable business.
The quantum of loan is as mentioned earlier depends on
nature of loan , take home and disposable income. But the loans
are normally advanced between Rs.50,000/- to Rs.2,00,000/-
The tenure or period of repayment is usually between 12
months to 24 months.
Personal Loans Retail Banking Chapter 91

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