To get a Personal loan, a loan seeker needs to apply to a lender; leading Personal loan givers are HDFC Bank, ICICI Bank, Axis Bank, and Kotak Bank. After processing, the loan amount approved is transferred one time to the applicant’s bank account. These funds can be used as and when needed without any restrictions. The borrower has to repay the loan amount with interest to the lender in equal installments over a fixed term or tenure. As a Personal loan requires no security to receive funds, lenders seek surety of repayment via verification and documentation.