One does not always need a loan that falls into a specific category or for a specific purpose like a home or a car. Sometimes, our needs may be too varied to be accommodated into a specific category. These loans might be due to reasons varying from expenses during festivities or unexpected medical emergencies.
Such loans are called personal loans. These loans might be for amounts varying from a few thousand rupees to a few lakhs. Due to the personal nature of this loan, the interest rates are usually higher than similar loans obtained for purchasing a property or a vehicle. The interest rates too might range from around 10% to around 18% depending upon the user profile. Personal loans prove to be of extreme help when the need for funds is urgent and it cannot be satisfied with the available resources.
Personal loans are available from various banks and Credit0 institutions working at the micro and macro levels. These loans are usually easy to obtain and with minimum documentation if you have a good credit record. Personal loans are also available quickly when needed and the loan amount usually takes just a few days to be credited to your account after the loan has been approved.
It does help with the institution if you are their existing customers. That helps them know you credit history accurately thereby reducing the time required for processing of your loans. Most Credit0 companies nowadays disburse funds only to their existing customers or their own employees.
The best part about personal loans is that they are available at your local branches of most finance companies. With proper documentation, it barely takes one working day to clear your loan. The loan amount is either credited into your account directly within 2 working days or you are issued a cheque for the same. Most institutions have a repayment period ranging from 12 to 24 months depending upon your profile.
With multiple repayment options, paying back your loans is easy too. The Equated Monthly Installments (EMI) can be paid by cheque deposits, electronic transfers and by salary deductions if you draw a monthly salary. You can also pay your loan in advance with a nominal pre-closure fee.
Now, be it an expense for shopping during you friend's marriage or payment of fees for your child's guitar classes, a personal loan is your quick one-stop solution for your money problems.
One does not always need a loan that falls into a specific category or for a specific purpose like a home or a car. Sometimes, our needs may be too varied to be accommodated into a specific category. These loans might be due to reasons varying from expenses during festivities or unexpected medical emergencies.
Such loans are called personal loans. These loans might be for amounts varying from a few thousand rupees to a few lakhs. Due to the personal nature of this loan, the interest rates are usually higher than similar loans obtained for purchasing a property or a vehicle. The interest rates too might range from around 10% to around 18% depending upon the user profile. Personal loans prove to be of extreme help when the need for funds is urgent and it cannot be satisfied with the available resources.
Personal loans are available from various banks and Credit0 institutions working at the micro and macro levels. These loans are usually easy to obtain and with minimum documentation if you have a good credit record. Personal loans are also available quickly when needed and the loan amount usually takes just a few days to be credited to your account after the loan has been approved.
It does help with the institution if you are their existing customers. That helps them know you credit history accurately thereby reducing the time required for processing of your loans. Most Credit0 companies nowadays disburse funds only to their existing customers or their own employees.
The best part about personal loans is that they are available at your local branches of most finance companies. With proper documentation, it barely takes one working day to clear your loan. The loan amount is either credited into your account directly within 2 working days or you are issued a cheque for the same. Most institutions have a repayment period ranging from 12 to 24 months depending upon your profile.
With multiple repayment options, paying back your loans is easy too. The Equated Monthly Installments (EMI) can be paid by cheque deposits, electronic transfers and by salary deductions if you draw a monthly salary. You can also pay your loan in advance with a nominal pre-closure fee.
Now, be it an expense for shopping during you friend's marriage or payment of fees for your child's guitar classes, a personal loan is your quick one-stop solution for your money problems.
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