The loan is unsecured, which means you're not required to place an asset as collateral when you borrow. The lender can't automatically take a piece of your property as payment if you default. This is one of the reasons personal loans are more difficult to get.
However, personal loan lenders can take other collection actions even if they can't automatically take your house, car, or other assets. These include reporting late payments to credit bureaus, hiring a collection agency, or filing a lawsuit against you.
You'll have a set period of time to repay your personal loan—usually 12, 24, 36, 48, or 60 months. Longer repayment periods lower your monthly loan payments, but you'll also pay more in interest than if you had a shorter repayment period. Your interest rate also can be tied to your repayment period as well. Shorter repayment periods typically result in lower interest rates.
हमारा मूल उद्देश्य सहभागी संस्थाओं के विकास एवं संवर्द्धन तथा सूक्ष्म उद्यम क्षेत्र की संवृद्धि के लिए पारितंत्र के निर्माण के ज़रिए समावेशी एवं टिकाऊ तरीके से विकास हासिल करना है।