posted on 2020-06-17 10:01:37 by Admin
In the market, there are various financial products available to meet the liquidity needs in emergency situations. Personal loans are best to fulfill the short and long term needs. So, before applying for the loan, let's check out its important features and benefits.
A personal loan can be defined as the money taken in the advance from the bank by a person/borrower to support their personal expenses like education, wedding, investment, vacation, etc.
The borrower has no restriction to use the money, he/she can use it anyway they want. A person gets an ample amount of loans to fulfil his/her personal /domestic requirements. A personal loan is offered by all the banks, we guide you to grab the best possible deal in your favour.
For you, we have compiled the top benefits of the personal loan.
#1. Low Risk Factor
It is easy to apply for personal loan and repay, you can choose the best plans according to your personal requirements across the top banks and NBFCs.
#2. Easy Repayment
It can be repaid easily in a hassle-free manner in adaptable regularly scheduled repayments. The monthly instalments are made according to the repayment time frame, depending on the loan amount.
Check: 5 Ways to Plan Personal Loan EMI Repayment
#3. Minimal Eligibility Criteria
It can be availed by all the service personnel of the private as well as the government sector and all the government pensioners.
For service personnel, to apply for the loan, the minimum continuous service must be 6 months to 1 year.
#4. Credit Score
It's advisable that you have a Credit score 750 or above, which makes it easier for you to avail the loan. This score tells the creditworthiness of the borrower/ loan taking individual, it tells you whether you are eligible to take the loan or not, this score is given by the agency like CIBIL, which is authorized by the government, these are computerized platforms to calculate the credit rating of the borrower. In case of low credit Score, you can always increase it tomore than 750.
#5. Easy Management of EMI
You can calculate the EMI amount on our online EMI calculator. The payment is made every month according to your own credit application with LoanAdda you can apply for a personal loan & enjoy multiple benefits. Such as online application help, Instant Personal Loan approval, multiple personal loans offers etc and much more.
#6. Easy Conventions
Before providing the loan, the bank takes the assurance from the organization where the individual is based. Maximum amount given as the personal loan varies from bank to bank like in PUNJAB NATIONAL BANK(PNB) the loan amount provided is roughly 20-30 times of the individual's monthly salary, some other banks provide it up to 60%.
#7. Fast and Easy Service
Personal Loan service which gets approved very quickly. The disbursal of the amount takes less than 24 hour.
#8. Less Paperwork
Adapting with the digital notion, we have made it easy for you, we provide you easy personal loan service with minimal paperwork. Only essential documents required for instant personal financing, because these documents will be required for the recovery of the loan in case the borrower defaults on repayment.
Check: List of Personal Loan Documents
#9. No Collateral
You don't have to put up security either unlike a mortgage or home equity loans, This is particularly appealing to buyers who have nothing of significant worth to use as security.
#10. Versatile Loan
Unlike other loans, a personal loan has no bondages on the utilization of the money, the borrower can use it in any way according to his/her requirements. Now, you know that you can use it in any way you want, that doesn't mean that you should, just prioritize stuff and investsmartly.
#11. Low Interest Rate and Easy Debt Amalgamation
The interest rate on personal financing is quite decent as compared to other loans. The personal loan interest rate ranges from 8 to 36 percent.
One of the most well-known employments of individual advances is to pay off higher-interest credit card debt. You can also lower the interest rate on the installments by paying 2-3 installments at one go beforehand.
You get enough time to pay the loan amount at your ease in flexible installment pattern, which is made according to reimbursement period
#12. Quick Loan Approval
Loan approval is quick, it gets approved within 24 hrs, and then you are good to go, invest it in any way you want.
#13. Multiple Loan Providers
A variety of lenders offer personal loan, besides the traditional banks and the credit unions (created and operated by members ant the profit is shared with the owners ), you can avail the loan the personal loan at online banks
Get your financing done with the minimal effort
First and the foremost thing to do is to figure out if you really need the loan.
Note: If you are applying for the loan online, make sure that you have a scanned copy of all your documents as well as your signatures so that you canavail the service smoothly.
Now that you have all the documents, collect them and attach it with the application form, and head to the bank to start the process
NOTE: Bank takes some process charges, so always keep some cash or a cheque handy, so that there is no hassle.
NOTE: The time taken to disburse and credit the loan amount to your account varies from bank to bank So stay informed well in advance
This is all that you need to know. You are all set, Now you can get started without any worries.
To apply for personal loans, home loans, business loans, credit cards, visit Loanadda.com. Best assistance and guidance is just one call away.
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