Getting funds through debt is no easy task. For a new entrepreneur, funding is the key to get your business plan off the ground. Even as a private citizen, getting a loan for your personal needs like an emergency, family wedding, day to day requirements, travelling or anything else, getting the money through loans is no simple task. As an entrepreneur or a salaried employee just starting, working for a firm getting that loan amount that is useful for you is a Herculean task. A first generation entrepreneur, more often than not, will find it difficult to give something as collateral to the bank to get the required sum issued through a loan. Similar is the case for a newly employed salaried individual. Thankfully, you need not worry too much because certain loans disburse money without any collateral. The most common among these is a Personal Loan and certain Business Loans.
What are these loans that are issued without any collateral?
A Personal Loan refers to that loan which a banking or non-banking financial company (NBFC) issues to an individual for their personal needs without asking for any collateral in return. This loan amount is to be repaid in full, plus the interest charged at a predefined rate of interest, …
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