Personal loans as a commodity possess the following features which can be classified as benefits and drawbacks of personal loans
Possesses flexibility and versatility.
Has Lower interest rates and higher borrowing limits.
No collateral requirement.
Easier to manage as compared to other loans.
Fees and penalties can be high.
Interest rates can be higher than alternatives.
Higher payments than credit cards.
Can cause an increase in debt.
All the above-stated features are inherent in every personal loan no matter its use. Modern times have brought about a change, personal loan apply online has become a trend in developed cities as well as some developing rural areas.
In India, the banking and finance industry does not operate as in world-leading nations. Our economical structure is referred to as a mixed economy in which the market witnesses an active contribution from public as well as private undertakings.
Some examples of these are:
Public sector banks:-
State bank of India
Punjab National bank
Bank of Baroda
Bank of Maharashtra
Oriental Bank of Commerce, etc.
Private sector banks:-
Kotak Mahindra bank
Yes bank, etc.
After the mergers in public sector banks in 2020, The oriental bank personal loan is now the same as that offered by PNB
The offered rates to various customers such as Salaried, Self-employed, Pensioners are 9.95% p.a. to 14.50% p.a.
Processing Fee Up to1.8% of the loan quantity
Loan Tenure Up to eighty-four months
Loan Amount Up to Rs.15 lakh
Salary/Income As per the terms and conditions set down by the bank Employment Status Salaried/Self-Employed/Retired employees/Doctors Credit Score