As we deal with the loan products of all major banks and service providers, it becomes easy for us to compare the interest rates and other specifications of each of them, and in helping the client choose the right product at the right price. We also assist the client in switching based on diminishing rates of interest. Personal loans can be used for just about any purpose. You can take a personal loan of anywhere from a few amounts to large amounts. Different lenders have different eligibility criteria for the approval of personal loans. These criteria are generally quite easy to meet. When applying for the personal loan, you may be required to state what you need the funds for. However, the purpose of the funds rarely has a bearing on whether or not you get approved. Being approved depends majorly on how the lender assesses your risk.Once approved, lenders rarely place restrictions regarding what you can spend the funds on. In most cases, you will have between one and five years to repay the loan. Unsecured personal loans are offered without any collateral. Lenders approve unsecured personal loans based on your credit score. A good credit score will make it easier to get approved. Secured personal loans are backed by collateral. Lenders offer unsecured personal loans against your vehicle, personal savings, or any other valuable asset. If you default on your loan, the lender can seize whatever asset you’ve put up as collateral. Because the risk is lower, you will a lower interest rate on these loans. With fixed-rate loans, your interest rate and monthly payments stay the same throughout the life of the loan. With variable rate loans, the interest rate can rise or fall depending on prevailing market conditions. However, there is usually a cap on how much the rate can change over a specified period of time. These loans usually have a lower APR as compared to fixed-rate loans. Variable-rate loans