Our country is getting used to the idea of loans being a useful way to manage expenses whether it is high end or not. Today, millennial give value to experience over things. So, whether you want to go on an exotic vacation or to manage a fund for wedding, personal loan tops the chart in lending financial marketplace. Basically, the article is designed to give you an overview of personal loan, and how you can avail this financial product in an easy manner to fund for your next expense.
An unsecured loan from a leading NBFC’s or lender acts as a driving force to help ones realize his or her dreams. All you need to do is fill up an online application form, check your eligibility criteria, and compare the personal loan interest rates among other lenders. And, once the lender approves your loan request, funds are available within 24-48 hours of time. With easy repayment tenure, it seems a convenient way to get whatever you want. And, as this reality of living with credit gains getting wider acceptance, personal loans are soaring high with popularity. Along with this, you can choose a flexible tenure and low-interest personal loan so that you can easily plan out your repayment effectively.
The product is largely unsecured- as you don’t need to pledge any collateral as a security, and you can use the loan amount to fund a variety of needs. This financial product is very easy to avail, and there are some lenders who even offer pre-approved personal loans at very attractive interest rates and getting the same hardly takes any time.
Personal Loan Interest Rates
The financial product offered by the lenders depends on several factors such as your credit history, age, and current monthly income. For salaried individuals, the personal loan interest rates usually commence from 12% p.a. and for professional it varies. A Borrower can avail a minimum loan amount of INR 1 lakh and a maximum of INR 25 lakh, with flexible tenure ranging from a minimum of 24 months up to a maximum of 60 months.
The personal loan interest rates vary from one lender to another. For instance, one lender offers the same product at 12.50% and another at 16%, likewise, you can compare the interest rate through third-party aggregator websites.
There are some lenders who give approvals in minutes and credit the loan amount directly into your bank account within 24 hours. You can apply for a personal loan online through third-party aggregator websites by just filling out one simple form.
In addition to all this, you can manage your loan account from the comfort of your home or office with a dedicated online customer portal and you can track all your previous paid installments, remaining loan repayments all at one place.
Another important thing that you must keep in mind is to make an estimate of the loan amount required. And, in order to get the best results, you can apply to multiple lenders or where you have your salary account.
So, before you apply for a best personal loan, it is advisable for one to compare and do market research, and compare personal loan interest rates. And, find out what are the additional charges or fees, repayment period, etc. With this simple route, you can find out your best financial product or personal loan without any hassles. Hope this information helps you. Happy borrowing!