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Personal Loan in Kolkata

Kolkata doesn’t have a reputation for being the most financially aware city. People here are more likely to be interested in the arts or sports or politics than in finding out how to use financial products wisely. It is difficult to believe that one time Kolkata was the political and economic capital of the East India Company.

It is perhaps due to that legacy that every financial institution has a presence at Kolkata, including public sector banks, private banks and even foreign banks. These banks offer their entire portfolio of products to residents of Kolkata. There are home loans for buying a new or used house, car loans for buying automobiles and education loans for meeting the expenses of a particular educational course. But when there is no specific purpose laid down by the bank, it is referred to as a personal loan.

A personal loan is an opportunity for the borrower to get instant personal cash Kolkata which has to be repaid in monthly instalments as per the repayment schedule decided by the bank.There is no collateral to be marked lien to in favour of the bank. The bank charges a higher rate of interest in lieu of doing away with a security. The applicant’s credit history tells the bank whether he or she could be trusted with an unsecured loan. The loan amount and the rate of interest to be charged are decided with the help of the monthly or annual income of the applicant. Repayment amount is calculated by the bank on a monthly basis and is called an EMI, which the borrower needs to pay on a designated date every month.

In earlier times, personal loans used to involve a lot of documentation and used to take a long time to get approved. Today, the applicant can simply install the personal loan app in Kolkata on his or her smartphone and conveniently apply for a personal loan. Most banks also offer the opportunity of making a personal loan application on their website. The complete loan approval cycle gets completed on the website or on the app, without the customer having to walk into any branch.

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