This consists of an unsecured loan taken by a borrower in lieu of his income from a bank or non-bank financial company (NBFC) to fulfill his own personal needs.
A personal loan is further divided into 2 categories. For example: loan for wage transfer and non-wage transfer credit. Wage transferral loans are inexpensive, whereas non-wage transfer loans are typically expensive in contrast to STL. In both loans, however, there are many variations for loan amount, paperwork and duration, etc.