The process of getting personal loan is explained below:

Get in contact with a lender but first check which bank is offering the best rates and services. You can compare personal loan interest rates with any other reputed price comparison site like www.deal4loans.com. After listing a handful, get in touch with as many lenders as possible and know their offers. Then, negotiate for the best rate. Check if there are any unique offers. After finalising the lender, their direct selling agent will visit and collect documents supporting proof of income, residence and identity. You may have to create copies of income tax returns, salary slip, bank statements, ration card, passport, driving licence and other relevant documents. These requirements vary from banks to banks.

Then, a field examiner will visit your home to double-check the facts provided. It is essential that you are present during this visit, else, he could report that the facts provided do not add up.

Once the lender is satisfied with the authenticity of your documents, the loan is approved. The amount is then disbursed by cheques or demand drafts (DD).

Personal loans in Africa are approved instantly if you submit all the documents perfectly.To get the personal loan in Africa the applicant must be an African citizen aged atleast a minimum of 19 years.

Personal loan interest rates in Africa are very low when compared with other countries.Many banks are issuing credit cards for the people who are taking personal loans in Africa.

Personal loans in India are generally paid back within a fixed time period. The time period allotted for the repayment of loan amount is termed as loan term. The loan amounts for personal loan in India may depend upon the factors like loan period, repayment term and the rate of interest.

In case of unsecured personal loans, the loan rates are high in India. The unsecured personal loan rates are high because of a number of reasons.

Whenever any lender grants a loan to the borrower, some sort of tangible or intangible security like land, house, car, currency or valuable asset is asked to pledge. In case of non-payment of the loan, the lender takes away the pledged security. But in case of the unsecured personal loan, the loan is not secured against any security asset. The lender generally grants the personal loan to an individual depending on his or her income.

In India secured personal loans are also called the fixed interest rate personal loans. The secured personal loans require collateral or the security of stocks, bonds, certificates or savings account.In India The personal loan rates for the secured ones are comparatively lower than that of the unsecured ones.

There are different types of personal loans in India depending on the nature of the loan rate is asked. Both variable and fixed rate of interests are charged for personal loans in India. In case of the fixed rate personal loans, the rate charged remains the same throughout the loan period irrespective of the ups and downs in the loan market.