It is an unsecured loan taken by individuals from a bank or a non-banking financial company (NBFC) on the basis of his salary to meet their personal needs ~ terms and conditions apply.

Overview

Buying out liabilities, be it a credit card or loan from one bank to another bank is called Other bank buyout. Mostly it is done on the basis of salary transfer, but can be availed under non-salary transfer loan depending on the profile.