Personal loans generally come under the category of unsecured loans where the bank or any financial institution depends on the customer’s promise to pay it back. Due to the presence of greater risk, the interest rates usually keep at higher sides. People generally apply for a personal loan to settle their immediate expenses. Some have to pay for outstanding utility bills, while others may have to go for medical treatment and need the money.
Generally, anyone who is 18 and older can apply for a personal loan. When applying for the loan through a bank, they should also have an account with the bank. Further, the person applying for the loan must possess a good credit history and a stable source of earning. If an applicant is fulfilling the mentioned criteria, then he is eligible to avail loan facility.