A personal loan is a short to medium term unsecured loan (no collateral) that you can use to meet current financial needs. Though most commonly used to meet expenses related to debt restructuring, vacations, unexpected medical expenses and down payments, a personal loan may be used for practically any type of expense. If one looks at the benefits of personal loans, one can start with the fact that the tenure of a personal loan is shorter as compared to a mortgage. Unlike mortgage, which is for ten, twenty, perhaps thirty years, a personal loan is commonly for between one and five years.
Why Choose a Personal Loan?
There’s no limit to the number of ways a personal loan can be put to use. It can be taken for any personal reason, such as:
- A monetary aid for the renovation of your house
- To meet wedding expenses one of the important and expensive days To buy a new iPhone To plan and spend holidays with the family
- To simply pay off credit card bills or other debts
- To meet business requirements such as advertisements or new table tennis table for the team
Personal loans act as the best-suited option to smoothen up cash flow at times of stringency. The key reason for some to prefer a personal loan is because of minimal documentation, fast processing times and the flexibility for use of the loan. Witnessing the huge potential of this market, leading banks and NBFCs in India are offering personal loans to both salaried and self-employed individuals.
Points to Consider before Applying for Personal loan
- To choose from the best personal loan offers is important, but equally important are numerous other factors that should be taken to prevent personal loan becoming the burden causing a big hole in the pocket.
- Here are some points you must never overlook while applying for personal loan.
- Plan your budget and stick to it: borrow only the amount you need and use it towards your planned expenditure.
- Check your credit report or CIBIL score.
- Repayment period of personal loan can be between 1 year and 5 years.
- Do a complete and detailed market survey of the various Personal.
- Always ask for customized personal loan quotes from at least three providers, as many banks offer personalized plans.
- Do not just fall for lower rates, check whether the banks are offering it on flat interest rate basis or reducing balance basis.
Who Can apply for a Personal Loan ?
- Salaried Individuals above 23yrs old with a minimum salary of Rs.20,000.00 per month.
- Self Employed with minimum of 1 yr business vintage.
Our Specialities …..
- Working professionals who are staying in a rented accomodation or paying guest with a valid permanent address proof.
- Minimum 3 months salary credit in bank.
- No barrier of companies in which they work for. ( Can be even unlisted companies.)
For more details please call 04461100200 / 04449540002