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

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PERSONAL LOAN
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ABOUT PERSONAL LOAN
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Features and Benefits of Personal Loan
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• 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.

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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.

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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

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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.

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