Personal Loan vs other Lending Options

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Personal Loan vs other Lending Options

Personal Loan vs. other Lending Options

This life is full of uncertainties; there can be some incidences where you may need money instantly. Your savings may not be enough in these situations. So in these situations, the first and last option is to borrow money from somewhere. Banks are the first thought that comes in mind. Every bank provides you a personal loan in the case to fulfill any of your financial need. Personal loans are easily available nowadays. Furthermore, the process of applying for a personal loan is very easy and simple. Let us see what a personal loan is?

Personal Loan

A personal loan an unsecured loan provided by the bank or non-banking financial company to the customer at some rate of interest. The amount of loan depends on the income or the salary of the applicant. Applicant has to return this amount of loan within a period of time. The rate of interest varies from bank to bank or company to company. But for this, the applicant has to satisfy some conditions. Let us discuss them one by one.

  1. The age of the applicant should be more than 21 years.
  2. The salary of the applicant should be more than Rs. 20000 per month if he/she is salaried.
  3. In case the applicant is self-employed, he should be paying the ITR of Rs. 2.5 Lakhs per annum for last three years.
  4. The credit history of the customer should be good.

Non-Banking Financial Companies

If the applicant is not able to satisfy any of these requirement then he/she would not be eligible to get a personal loan from any bank, but there are some non-banking financial companies too that provide you a personal loan.

Domestic Lenders

In case your credit history is worse and even non-banking financial companies don’t agree to provide you a personal loan you can go for the domestic lenders. If they know you they can give you a personal loan but the rates of interest can be quite high because they are providing you a personal loan at their own risk.

P2P Loan

This is also known as peer to peer personal loan. In this you can get a personal loan from any individual. The rate of interest will be decided by the individual lender.

You can use any option in case of the requirement of the loan amount. But before going for any of above you are advised to be careful with your lender. There can be some chances of fraud. So search online before going to any of the above.

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