Personal loan handbook? Before that, you should know what a personal loan is? So here is the answer to this question is that personal loan is that kind of loan that lets you borrow money from any bank or financial organization. Furthermore, you may use this amount of loan to meet your personal needs. Bank will charge some interest rates on this loan. But it is an unsecured loan so there is no need to pledge any property. Personal Loan is given to salaried employees.
Personal loan handbook features:
Purpose: You can use a personal loan for any personal purpose. but there are some reasons that you can get a personal loan.
- Debt Payment: Usually, people get a personal loan to pay their existing debts. Sometimes people pay the bills of the credit cards with the help of a personal loan. The reason after that is the rate of interest is a way to high in the case of credit cards. Besides, that people use personal loans to close other loans too.
- Wedding Purpose: This is the basic reason to get a personal loan. Generally, people get a personal loan to pay the bills for the wedding. Weddings are very expensive nowadays so people get a personal loan.
- Vacation: Sometimes people also apply for a personal loan to go on vacations. The reason behind that it is quite useful to get a personal loan as compared to use a credit card. Because the interest rate of the credit cards is quite high.
- Health Expenses: Sometimes in case of a medical emergency, you may need money. So you can get a personal loan in this case. Because it is not easy to arrange money instantly. Personal loans are easily accessible n this case. You can pay your medical bills with the help of a personal loan.
Renovation of Home: You can use a personal loan to renovate your house too. If you want to renovate your home and you are having a shortage of money, then you can get a personal loan and can renovate your home easily. You can also use the personal loan to buy appliances like LCD, LED, or air conditioner.
There are some features of the personal loan handbook that are given below:
- Unsecured: Personal Loans are unsecured loans. They do not require any collateral. There is no need to pledge anything to the lender. The loan gets sanctioned on the basis or your salary. If you are eligible and your salary satisfies the eligibility criteria then you will get a personal loan easily.
- Less Documentation: Personal Loan needs very less documentation work. If you need a personal loan there is no need to do very heavy documentation. They only ask you very little and basic documents. So the process is not hectic.
- Quick Approval: One more advantage of a personal loan is that it gets approved in a very short time. If you have all the documents and you are eligible as well then you can get a personal loan within 1 day.
- Interest Rates Are Less Than Credit Card: Credit cards are also considered as short-term loans. So you can choose a personal loan over credit cards. The reason after that is personal rates of interest.
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