A personal loan is one of the best options if you’re going through some financial crisis. A personal loan a type of loan for the short or medium term. this loan does not require any security. you can get then in few hours with less paperwork. The advantage of this loan is that this is flexible you can use it in your way for eg- wedding, renovation of home, educational purpose, etc.
According to many people, approval and disbursal take time but that is true. If your submitted documents are accurate then your loan will be disbursed within a day. If you apply online then a chance of disbursal is quick. Before applying, once check out the pros and cons of personal loans as there are many pros and cons of personal loans.
Pros and cons of personal loan
- you can use them as you want
- no security
- less paperwork
- approval is quick
- much debt on you
- higher interest rate
- you have to pay a monthly payment
- sometimes you have to pay penalty also
You might be able to borrow more than with a credit card.
The interest that you pay on your borrower loan is generally fixed.
It upon you that how long you’d like to return the loan sum. Keep it in mind; the long tenure will affect the interest rate.
Into one personal loan, being a borrower you can consolidate multiple debts. But don’t forget it might expand the loan’s length.
Axis Bank Personal Loan Cons:
A personal loan comes to you with a high-interest rate.
Because the rate of interest may decrease the more you get, you may be enticed to take out a greater loan than you require
Most banks will not lend less than Rs. 80,000 or for a shorter one year.
These were the pros and cons of personal loan