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Everything You Need To Know About Personal Loans

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Title: Everything You Need To Know About Personal Loans


1
EVERYTHING YOU NEED TO KNOW ABOUT PERSONAL LOANS
2
  • 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

3
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.

4
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

5
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

6
THANK YOU
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