Personal Loan
WHAT IS A PERSONAL LOAN?
A personal loan is an unsecured loan that provides individuals with the funds they need to cover a variety of expenses, such as consolidating debt, paying for home improvements, or meeting unexpected financial needs. These loans are usually short-term and have relatively high interest rates compared to other forms of credit.
Depending on your lender, you may be offered flexible repayment options and some lenders may even allow you to pre-pay your loan without any penalty fees. It’s important to compare lenders and understand your terms before taking out a personal loan so that you can make sure it meets your individual needs.
Personal loan is a great way to cover unexpected expenses or take care of financial obligations. It offers an easy and convenient way to borrow without having to worry about relying on your credit card or seeking help from family and friends. With a personal loan, you get access to fixed payments over a set time frame, with no collateral required, so you can easily manage your debt. Personal loans also come with competitive interest rates, so they are one of the most cost-effective forms of borrowing available.
Personal Loans features:
Personal loans offer a range of features that make them attractive to borrowers. These features are-
- Flexible repayment terms
- Competitive interest rates
- No collateral or guarantor requirements
- Flexibility to pre-close
- Fast/Quick disbursal.
Additionally, the amount of loan available for personal loans is typically much higher than for other types of borrowing avenues such as credit cards or overdrafts. With personal loans, borrowers can also opt for a monthly schedule consisting of both fixed as well as variable payments depending on their individual needs and financial situation.
Personal loans are currently offered by lenders from Rs 30,000 to Rs 20 Lakhs and are commonly repaid in tenures/duration ranging from 1 to 5 years.
High Loan Amount + short Loan Tenure = Low Interest Amount.