New Delhi, May 15 -- As personal loans become increasingly accessible in the country, many borrowers are often found questioning the importance and necessity of providing a blank cheque during the submission of loan applications.

Now some lenders still request for a crossed blank cheque as a security measure, still it is crucial to understand its implications, whether it is a mandatory requirement and available alternatives.

To put it simply, providing a blank cheque is not a mandatory requirement for applying for and obtaining a personal loan. The required documentation and its necessity largely depends on the respective lender and their policies.

Depending on individual policies and rules, traditional banks and certain Non-Banking Fi...