We need money for various reasons – to fulfill our dream, to buy durables, to pay for medical treatment, to consolidate debt, to pursue professional studies, etc. And money is all we require to meet these situations sometimes in an emergency. Not every time your family or relative will give you financial help thus, personal loans can come to our rescue. Personal loans can be borrowed from banks or non-banking finance companies with attractive interest rates, and flexible loan tenure.
You can compare quotes on aggregate sites of top lenders, and choose the one that will suit your requirements, and match your affordability (in terms of easy loan repayments). Since they are unsecured in nature, you don’t have to pledge anything, and it mentally set you free any burden. The procedure to apply for personal loans is very easy, especially with online services. You don’t have to visit banks or finance companies personally to fill up form, submit it, and then finally wait to know your loan status.
Thanks to Internet-based services, you can fill-up form online along with some personal information to the bank, your financial history, current status, KYC related documents. Along with this, you will have to provide employment proof, bank statement, the amount you wish to borrow and preferred interest rate. Lenders will come up with the best quote as per your loan eligibility and requirements.
The eligibility criteria for personal loans are not too restricted as long as you can comfortably repay the money as being set in prior days. They pay close attention to your credit history and CIBIL score. Also, you need to show minimum income limit, and it is around Rs 25, 000 for most banks and non-banking finance companies if you work in metropolitan cities while Rs 15,000 if you work in semi-urban cities.
Since personal loans are being given without any type of security, it increases the risk for banks and firms. Therefore, a strong income and good bank statement will display your repayment capacity. Once the lenders are satisfied with your credit history, income source, and repaying capability they will give instant loan sanction and also offer low-interest rates. Once you avail personal loans, you can repay it by paying equated monthly instalment. The rate of interest and processing fee differ from one lender to another.
Few features of personal loans online
• Instant sanction, and quick loan disposal in 48 hours
• No need for middlemen. You can directly apply for a loan to the bank or firm
• Faster processing time with minimum paperwork
• Apply anytime and anywhere at your comfort
• No need to wait behind for the loan verification
• No embarrassment of borrowing from friends or relative
Personal loans are flexible in nature, and you don’t have to specify any reason to avail loan just like you do with traditional financiers.
Top banks and non-banking finance companies offer a loan with interest rate ranging between 11-16% with minimum processing fee on it. You can avail loan between Rs 50, 000 – Rs 30 lakhs. You can repay the loan with flexible loan tenure in 30-60 months.