Personal loans are also known as collateral free loans where loan is not secured against any kind of asset such as property, car. The borrower promises to repay and his creditworthiness plays a vital role here. The personal loan is for personal use and end use of loan is not monitored by banks. The maximum loan amount you will get varies on loan applicant credit history and various other factors. Since the loan is for personal use, the bank does not keep a tab on how the fund being spent by loan applicant. Your source of income and your employer also considered before your loan gets approved. Mostly people go for personal loan to close credit card dues, emergency expenses, buying dream home and vacations. Since it is an unsecured loan does not need any guarantor for its approval, only on the behalf of Income. That loan is given on basis of eligibility and ability to repay the loan.
GOLOANZ bank will have a look at customer's CIBIL report whether the customer is meeting its entire set requirement, how the customer maintaining credit history and so on. In case if the borrower is working on Cat A, Cat B listed companies then he will get less interest rate than the unlisted companies. GOLOANZ will take your long years of service into account when approving personal loan, the more you have the better the chance for you.