It is very difficult to manage with the ongoing lifestyle. To ensure the standard will not affect the lifestyle “Personal Loan is here to help you”. Whether it is for paying educational funds or your daughter’s marriage, home renovation or exotic holiday trip, Money plays an important role at every stage of life.
If someone is not able to arrange cash for any occasion, he usually opts loan from any bank. There are various loans that are provided by various lenders at a fixed or flexible interest rates as per their norms. Personal debt is mainly chosen by the borrowers who need money urgently.
What is it all about?
Personal finance is a type of unsecured loan that is provided by the bank for the sake of the personal needs. One can apply for this type if they require urgent money for daily expense including major domestic purchases, foreign travel, wedding or medical emergencies. Once the money is borrowed from the lender, it needs to be paid back at a fixed interest rate over flexible tenure. You can easily get unsecured finance if the lenders believe that you can have the repaying capacity.
The high point of this debt is that you don’t need any security or any guarantor. You can easily avail money that can be used for any purpose.
What are the types of personal loan?
Mostly personal loan includes a secured loan and unsecured loan. For a secured loan, you need to pledge the security for the amount to be borrowed. For unsecured loans, you needn’t require any asset. A Personal Loan is available for a tenure period of 12 to 60 months.
Highlights of unsecured personal finance:
- Minimum age starts from 21 years. No need for guarantor.
- Fixed rate of interest throughout the loan tenure.
- Repaying capability with simple EMI.
- Borrow from Rs 50,000 to Rs 1 Crore.
- Basic documents: Identity Proof, Residence Proof, Latest bank statements. Salaries slip and form 16 for salaried applicants.
- The eligibility criteria for an unsecured loan vary from lender to lender.
- Self-Employed Professionals: Lawyers, landlords teachers, engineers, Doctors who earn the individual income.
- Salaried Employed: Government employees, private employees, and all those receive salary on a monthly basis.
The applicant can apply for different financial service provider for getting financial assistance through online mode. At the present scenario, internet is everything you need to click and can easily compare the interest rate. Loan process is become customer friendly as well as easier.
Personal Loan is the smartest way to avail the money when there is a financial crisis.
Special Note: Banks does not provide Personal Loans to bad credit holders, but an individual can fulfill their finance requirements by availing a Gold Loan easily.
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