Personal loan for Meeting Personal Requirements
For satisfying personal requirements, mostly people avail personal loan in India. One can use personal loan for wedding purpose, medical emergency, paying off debts, travelling expenses, purchase of car, initiating new business, paying off utility bills, business expansion, house renovation, purchase of consumer durable goods, higher education and many more. One can avail personal loan from banks as well as financial institutions. These lenders provide personal finance at lucrative interest rates with attractive offers, due to immense competition among the loan providers. Some of the popular players of personal loan are SBI, HDFC, ICICI, Axis, Standard Chartered, Fullerton, CITI, DHFL and many more.
In India, personal loan has many benefits that are attached with it. Some of the benefits of personal loan are:
- One can avail this finance from any of banks and financial institutions.
- All profile people can avail this finance, i.e. self employed person, salaried person and self employed professional.
- Personal loan process is quick and convenient.
- Personal loan requires minimal documents; thus it makes its process quick, as the person can get loan approval within 48 hours of applying, if an applicant meets all norms of getting a personal loan.
- One can easily repay the loan amount through monthly installments, i.e. EMI.
- The person can avail this loan for a small amount like Rs.50000 and also; for a large sum of Rs.15lacs.
- One can get a personal loan as an unsecured loan from any of banks or financial institution, up to the loan amount of Rs.15lacs.
- Large numbers of lenders are present in market, therefore; customer has lots of choices for taking personal loan.
- One can use this finance from any of their professional or personal purposes.
10. The customer does not have to disclose with the lender for availing the personal finance.
11. The person can apply online for this finance and even calculate the monthly installment through EMI calculator.
However, it has some disadvantages; also, that are:
- The bank charge high interest rate, i.e. 14-25% on personal loan.
- The bank provides this finance for shorter tenure, i.e. 1 to 5 years.
- The bank provides personal loan, only if the customer has an excellent creditability, financial position, source of income and repaying ability.
- If the person has poor or low credit score then bank rejects the customer’s loan request.
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