Personal loans come in handy when we quickly require money for some purpose and do not have adequate cash in hand. When Poulomi Bhattacharjee, got married in 2011, she took a personal loan of Rs2 lakh to do up the interiors of the newly-bought flat.

Bhattacharjee did not want to pull out money from her savings or any investment. Personal loan was the only option left and she felt that the process was quick and easy. The loan process took about four to five days. She had to submit income proof like salary slips, Form 16, bank statements and  address proof.

The money was used mostly to buy new stuff such as furniture, appliances and fittings. It was also used to make payments at merchant outlets through debit card for hardware fittings. Some of the amount like labour costs had to be used in cash.

 Bhattacharjee chose Axis Bank for loan, primarily because she had her salary account with them and she assumed that it it would be easier for me to get the loan from Axis. She did not approach any other bank. Since she had a relationship with the bank, it offered her one of the most completive interest rates. The interest rate was around  15-17 per cent. The monthly EMI was about Rs7,000. The loan has now been repaid.

 The manager at the bank who was processing the request for the loan had worked out an approximate EMI amount.  for her and she calculated her monthly expenses along with the EMI amount accordingly. The EMI amount was comfortable enough for her to manage along with her fixed monthly expenses. The EMI was automated, with 5th of every month being the date for EMI deduction. She opted for a pre closure but there were no foreclosure charges. Even the pre-closure process was quite easy and hassle free.