Quick Personal Loans: Apply Online for a Personal Loan in India for Low Interests - Buddy Loan - PowerPoint PPT Presentation

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Quick Personal Loans: Apply Online for a Personal Loan in India for Low Interests - Buddy Loan

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Get Unsecured Personal Loan up to 1500000 Lakhs. Apply for quick personal loans online. Easy and secure to use. Easier Repayment Options. Meet your financial needs without any hassle. – PowerPoint PPT presentation

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Date added: 11 December 2019
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Title: Quick Personal Loans: Apply Online for a Personal Loan in India for Low Interests - Buddy Loan


1
PERSONAL LOAN
2
ABOUT PERSONAL LOAN
3
Features and Benefits of Personal Loan
4
  • No Collateral Required Personal loan is an
    unsecured loan which means a loan offered without
    keeping any assets (e.g., house or car) as
    collateral. These loans are offered on the basis
    of an applicant's credit history, income details,
    age , etc.
  • Multipurpose Use Unlike other loan options,
    personal loan can be used as per the requirements
    of a borrower without any preconditions. It can
    be used to overcome any financial constraints,
    which may arise due to a medical emergency, debt
    accumulation, sudden travel plans, house
    renovation, etc .
  • Flexible Tenure In personal loan, borrowers get
    flexible tenure of up to 5 years to repay the
    loan amount, thus , making it preferable than
    other credit options such as credit card loans or
    gold loans.
  • Simple Documentation Process To apply for a
    personal loan minimum documentation is required
    and is often approved within 48 hours of
    submitting an application
  • Flexible Quantum of Loan Based on a borrowers
    repayment history, monthly income, age,
    profession , employer and other such factors,
    lenders offer personal loan for requirements as
    low as Rs. 10,000 to as high as Rs. 40 lakhs,
    depending on the concerned lending institution.
    Any Indian citizen be it a salaried professional
    or self- employed individual is eligible for a
    personal loan. Since the loan is unsecured,
    therefore, the lending risk factor involved in
    these loans increases considerably . To reduce
    the same, there are a few eligibility criteria
    that must be met primarily to get a loan. The
    eligibility criteria might differ from one lender
    to another however, there are a few basic
    eligibility criteria that are common for most
    lenders.

5
When Should I Apply for a Personal Loan?
  • At the time of financial or medical emergency
    Instant Personal loans are disbursed quickly,
    therefore, they are best suited for financial
    emergencies. Since they can be used for any
    purpose, you can avail it to fund big medical
    expenses.
  • When you wish for less documentation To apply
    for personal loans, you require minimal number of
    documents. Therefore, its documentation process
    is simpler and faster than many other secured
    loan options.
  • When you want money to fulfill multiple purposes
    If you want money to fulfill multiple financial
    commitments, apply for personal loans. Unlike for
    many secured loans
  • To consolidate your debts Finding difficult to
    track multiple loan and credit card EMIs? If yes,
    you can consolidate them by taking a personal
    loan. Doing so will not only making repaying
    debts easier but also will save on the interest
    amount.
  • You do not have collateral If you do not have
    collateral or do not wish to put your collateral
    at risk, apply for easy personal loans as these
    loans are unsecured, which implies that it does
    not require collateral.

6
Factors that Affect Personal Loan Approval
  • The approval on your personal loan application
    depends on various factors. Some of them are as
    follow
  • Credit score
  • Income
  • Employment stability
  • Age
  • Outstanding debt

7
Some of the major factors are
  • Credit History Your credit history helps lenders
    analyze your repayment behavior . If you have a
    poor credit history, you will get instant
    personal loan at higher interest rates.
  • Income For lender your income is an assurance of
    repayment. Therefore, the more you earn, lesser
    will be your personal loan interest rate.
  • Employer When examining your loan application,
    lenders also consider the reputation of the
    organization you work with. You can enjoy lower
    interest rates on personal loans if you are
    associated with a well-known and stable
    organization.
  • Lender-customer Relationship If you are planning
    to apply for personal loan with the bank you have
    an account with, your good relationship with your
    lender can also help in getting you lower
    personal loan interest rates. In addition to the
    rate of interest, borrowers must also consider
    other charges such as pre-processing fees,
    foreclosure charges, etc. before applying for
    personal loan.

8
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