Facing financial difficulty and just barely floating above the poverty line or stuck in a vicious debt trap? Well, why Haven't you tried taking a personal loan yet? Are you reluctant to consider it as an option because you aren't fully aware of it and want to escape the endless hours of research that goes into getting to know fully about a personal loan?
Then you are at the right place and your search for a personal loan ends here! As we got you covered right from the start explaining in brief about personal loans to the best instant loan providers in the market.
So, stick with us till the end so that you don’t miss out on anything!
What are Personal Loans?
A Personal Loan is a hassle-free instant loan that you can avail of without securing it against an asset that is why it is also called an unsecured loan.
In a nutshell, it can be taken to meet your emergency cash needs, and it's a quick and convenient method by which a loan amount gets disbursed in your bank account within a few hours after examining your credit history and other documents.
Why go for a Personal Loan in the first place i.e the Choiceworthy benefits of a Personal Loan?
If You are in urgent need of a loan and want to avoid so much paperwork that traditional banks resort to, then a Personal Loan is your go-to option as it approves your loan with minimum documentation and that too is paperless.
Tired of running after government banks that will delay your loan issue as much as possible, then personal is the best option for you to get a direct bank account transferred in a few minutes!
No security and collateral is needed to secure it, so you don’t need to mortgage your house just to see your lovely daughter getting married.
You are no longer bound by fixed tenure as payment terms are flexible and you can repay it at your own slow and steady pace in EMI.
Claim tax benefits as you make your interest payments if you have used up the loan amount to renovate, construct or buy a house.
Wondering if you are eligible to secure a Personal Loan? Let’s find out!
Firstly, no matter if you are self-employed or a salaried individual as long as you have a stable income source, you will get it for sure.
The applicant must be of 21 years of age and cannot be older than 60 years.
Must have a decent CIBIL score in the range of 700 to 900+
Key criteria that are considered are income level, credit, employment history, and repayment capacity.
Those who earn a minimum income of 25k /month
Holding onto a job for a minimum of 2 years with a secure job with a current employer for at least 1 year.
Now, Finally, you have been issued your demanded loan amount, but Do you know for all purposes it can be used? if not then here you go!
Personal Loan is an all-purpose loan and can be used to fulfill each and every one of your needs! So whether you want to fast-track your happiness by going on your dream vacation or save your ailing mother and borrow money for her medical expenses, it does it all.
To make it easy to skim through we have compiled a list of all the uses for which you can go for personal Loans.
To make it easy to skim through we have compiled a list of all the uses for which you can go for personal Loans.
Weddings happen once in a lifetime and it is that magical moment that deserves investment, but if you have tight hands over cash, a personal loan will be your solution to fund it and make your day unforgettable and fun.
Wants to pack your bags and hit the road or take the plunge to go for globe-trotting but couldn't go that extra mile as you don’t have the cash to afford it, then the personal loan will rescue your vacation plans and let you go diving or snorkeling wherever you wish to.
Well, Personal Loans can meet many more of your needs, not to mention whatever you can think of so take your paper and pen to draft your urgent needs and forget about your expenses as a personal loan can sponsor them to the largest extent.
The point to be noted is don’t use the issued personal loan money mindlessly without any thought, so always strive to use it judiciously and carefully to not fall out in the consequences of a default personal loan.
How can you apply for a Personal Loan?
Applying for a Personal Loan is quick and easy. It just takes 5 easy steps
- First thing first, figure out for what purpose you require a loan, and then how much of it will fulfill your requirement it can be 1 lakhs, 5 lakhs, or 10 lakhs depending on the use.
- Check the eligibility criteria and determine how much you can borrow
- Calculate your EMI using an EMI calculator that is available on each Bank, NBFC, or loan aggregator app.
- Now, either you can approach the bank that is nearest to you or go via Net Banking or through an ATM.
- Furnish the minimum number of documents that are being asked for, by the loan provider. All you really need are Address proof, Income proof, and Identity proof.
How do you repay the amount borrowed?
The repayment amount is set on the basis of your repayment capacity which is used to ascertain your EMI installments paid monthly. The amount to be paid is inclusive of the interest charged on the loan. Generally, a standing instruction is set against a person’s bank account and the monthly EMI is deducted on a specified date.
Additionally, customers can choose to repay the amount even before the loan tenure ends after examining if they don’t have to pay any extra fees if that is what they are going for. Most Banks require you to complete a total of 12 EMI installments before you proceed to submit the full loan amount prior to the loan tenure.
If you still want to repay the amount then Banks do charge a foreclosure charge in case it is being paid before the set tenure.
