We are now SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.)
What is a personal loan? Is personal Loan transferable or can it be transferred to another person? If you ever had these questions read on to find out more.
A personal loan, simply put, is an unsecured loan that one can apply for without any need for collateral and with little documentation. They are generally approved keeping two points in mind, namely, credit history and income of the borrower.
Is personal Loan Transferable?
With a few formalities, your personal loan gets transferred to another person and now the new person is liable to repay the loan on a timely basis. However, do note that in such a case, the eligibility of the other person as well as his willingness will be taken into account and sufficient personal loan documents for the same needs to be provided.
You can take our personal loan for a variety of reasons.