Personal Loans – all you need to know

by | Mar 30, 2020 | 0 comments

By Author: Fayeem

Personal loans can be easily procured since there are several financial institutions and NBFCs provide them at a decent interest rate. Further, a personal loan is the best option if you do not have an asset to offer as collateral as it is a type of unsecured loan. And, are best suited for times of contingencies as the loan is provided instantly. The loan amount ranges from #25,000 above with a tenure period varying from one to five years, with minimal documentation and processing time used for the loan approval process.

In general, a personal loan is obtained for paying off medical bills, home renovation, wedding expenses, travel expenses, or even for the Business Loan. In fact, you can use it to pay off multiple unpaid loans by opting for debt consolidation or balance transfer.
Additionally, a Loan Against Property is a convenient option to finance all high-end expenditures for business or personal purposes. You can mortgage various loans against property types as collateral to avail funds of up to #3.5 million.

For obtaining a personal loan with ease, certain requirements including decent credit history, adequate monthly salary and minimum age, are essential. After which the lender will review your credit report containing the credit history and final credit score. Depending upon that only, the lender will then offer you a personal loan at low-interest.

It is necessary to carry out detailed research, gathering all the relevant information such as the interest rates, flexibility of tenure, processing fees, and pre-payment charges should be compared, and go with the best option before taking a personal loan. If not researched carefully, you might fall into the trap of borrowing from private lenders who charge a very high rate of interest as high as 30%. And thus, it is advised to go through various online lending platforms, as the loans are provided at lower interest rates at these platforms.

Moreover, online lending platforms are considered a good option to secure the best deal without going through a lot of trouble. In fact, in present time, applying for a personal loan online can be convenient since the online platform does most of the work. And, when you apply for the personal loan through an online platform, that application is sent to various Banks and NBFCs, according to your profile, who make a lending decision after reviewing the application.


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