Everything You Need To Know About Personal Loans

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EVERYTHING YOU NEED TO KNOW ABOUT PERSONAL LOANS
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• A Personal loan is a type of unsecured loan that
  is offered by banks without any form of
  collateral
• Applying for a personal loans require negligible
  documentation and the processing time is
  relatively faster as compared to other types of
  loans
• Although the interest rates of personal loans are
  relatively higher, they continue to be a popular
  loan alternative among loan seekers because of
  the flexibility it offers
• Personal loans are offered by banks as well as
  Non-Banking financial Institutions
• The settlement time period of a personal loan is
  generally fixed and ranges between 1 to 5 years
• The rate of interest of a personal loan depends
  upon factors such as customer's salary, loan
  amount, loan tenure and other criteria that
  varies from one lender to another

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Why Do You Need A Personal Loan

• Personal loans are an extremely convenient way to
  get large amount of funds without mortgaging your
  assets with the bank
• When you are in urgent requirement of cash, you
  can rely on a personal loan, as they get approved
  within 48 hours of application
• The funds that you obtain from a personal loan
  can be spent as and when you require, without
  providing any type of justification or proof to
  the bank
• You can use personal loans to fund a variety of
  purposes such as foreign vacations, medical
  expenses, purchase of gold, expensive gadgets,
  home renovations etc.

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How To Apply

• You can apply online through the bank website by
  contacting the bank though phone
• Personal loans can also be applied through email.
• Certain banks also have the provision for E
  approval for loan eligibility
• By filling in the required details in the online
  form, you can instantly check your personal loan
  eligibility

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How To Choose The Best Personal Loan

• Gather data from banks in your area and compare
  their offerings
• Do not apply for loans in several banks and then
  choose one
• Utilize online comparison websites to compare
  personal loans available in the market
• Estimate the amount of EMI you will be able to
  afford
• Compare the time period of the disbursal of loans
  for different banks
• Equate the prepayment charges for different
  banks, if you intend to pay off your loan in lump
  sums
• Do not opt for flat interest rates in loans as
  this turns out to be quite expensive in the long
  run
• It is best to choose reducing balance interest
  rates, as it is will be less expensive
• Pick short term loans because a shorter time
  period may result in you paying less as the total
  interest charges, despite the higher rate

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THANK YOU