A personal loan is an unsecured loan that you can use to fulfill your requirements. There are so many banks that provide you with a personal loan at very affordable rates of interest.
Personal loans are available online platforms also. There are a few facts about personal loans that are significant to know.
Fixed interest rates
Personal loan interest rates can be fixed. In this loan, you may know your repayment amount before getting the loan. After which you can easily decide whether you can repay the loan or not. It remains the same for the whole tenure.
In a personal loan, the facility of loan prepayment is also available. Loan Pre-closure is a facility to close the loan before the tenure of the loan. For instance, if you have taken a loan for 3 years but you want to close it after two years than you can do so.
Now your personal loan can be Flexi. It means that it offers the facility that if you have taken the loan of Rs. 10 Lakhs but you have used only Rs. 2 Lakhs then there is no need to pay the interest rate on 10 Lakhs. You will be charged an interest rate for only Rs. 2 Lakhs.
Ease to Get a Credit Card
If you are having a personal loan then you can easily get a credit card. This is an unknown advantage of personal loans. You have to manage your debts eventually. So always be careful with your loans and other debts.
Enhance Your CIBIL Score
Personal loans are always helpful to maintain a good CIBIL score. If you pay your EMI’s on time then it can build a good credit score. And a credit score is always helpful in your financial life.
A personal loan is a multi-purpose loan. You can use this loan for various purposes. You can use this loan for educational purposes, you can use this amount for wedding purposes. Besides that, you can use this amount of loan to get some help in your business, in your agricultural activities, or anywhere.
Special Note: An individual must examine the whole EMI amount payable to the lender with the Personal loan EMI calculator.