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  • Benefits of Personal Loan
  • They are versatile
  • Interest rates are decent
  • Excellent credit is not required
  • Monthly payments stay the same
  • Loan approval is quick
  • You have enough time to pay it off
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What is Personal Loan?

A personal loan is money borrowed from a bank, credit union or online lender that you pay back in fixed monthly payments, or installments, typically over two to seven years. Lender rates can range from 6% to 36% APR. Most personal loans are “unsecured” — not backed by collateral few common reasons people avail a personal loan

Benefits of Personal Loan

Unlike a car loan, a mortgage or a student loan, a personal loan can be used for many purposes. You can use it to pay for car repairs, medical bills, a dream vacation, to consolidate credit card debt — pretty much whatever you need.However, just because you can use a personal loan for mostly anything doesn’t mean you should. Know the top reasons to use a personal loan.

Personal loan rates are favourable compared with rates on credit cards. You don’t have to put up collateral either. Unlike a mortgage or home equity loan, which is collateralized by your house, most personal loans are unsecured. This is especially attractive to consumers who have nothing of value to use as collateral.They are good for debt consolidationOne of the most popular uses of personal loans is to pay off higher-interest credit card debt.

It’s possible to get a personal loan with bad credit. Some lenders cater to borrowers with less-than-great credit. Just know that you’ll pay higher rates, which can exceed 35 percent.

Interest rates on personal loans are fixed, so your payment is the same every month.“One of the things I like is that it gives you a clear beginning and end to knocking out your debt,”

While mortgage and home equity loans can take at least a month to close, it’s possible to apply for a personal loan online and have an answer the next day or within a few days. If you are approved, the money typically is deposited into your bank account within a few days.

Unlike highly risky payday loans, personal loans give you a reasonable amount of time to repay. Terms can range from a year to seven years, depending on your lender and your credit.

Common Reasons To Avail Personal Loan

One of the common reasons for a lot of people, especially parents to apply for a personal loan can be to fund higher education for their children. Even working professionals, these days, take a break and go for higher education to countries abroad. Since the cost of education is higher outside India, a loan is necessary.

A personal loan can come handy when you have a large expense like a wedding coming up. In case, there is a dearth of funds, people prefer taking a personal loan and paying it back in instalments over a period of 12-60 months.

Medical expenses are highly unforeseen and can cause a sudden misbalance in your income-expense schedule. This is where a personal loan can help. When the expenses are large, for instance, in the case of surgeries people turn to a loan.

Yes, this is true. A lot of people opt for a balance transfer and convert their credit card dues into a personal loan since the rate of interest is much lower. Also, the payment process is way simpler and easier since it involves monthly EMIs which get automatically deducted from your bank account.

Instead of going for a top-up home loan, people go for a personal loan since it is way easier to avail one as there is minimal documentation and zero collateral involved.

In closing, we would like to say that it doesn’t matter for what purpose you take a personal loan out. All that matters is that you pay your debt on time and maintain a healthy credit record.

Proof of Identity: Copy of Passport/Driver License/Voter ID card/Aadhaar
PAN Card copy (Mandatory)
Certified Bank statement of last 3 months (Passbook of last 6 months)
Proof of Address: Copy of passport/Driving license/Voter ID card/Aadhaar, recent utility bill copy, LPG Book copy, etc.
Last 2 salary slips/Latest salary certificate with the latest Form 16

Note: Banks may ask for additional documents as deemed necessary based on the applicant’s profile.

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