Need a Personal Loan? The answer depends on the circumstances you are in. If there is some sort of cash crunch or there is an urgent need of money, Personal Loan proves to be a good choice. It’s an easy way to get an assured sum of money without a long trail of documentation. It can be availed in a short span of 24-48 hours. PL does not require any explanation or reason for the requirement of money. Borrower just need to fill an application form and after due diligence of the customer profile, re-payment capacity, credit score etc, the loan cheque will get delivered to the customer in few days or even the amount can be transferred in the account .Borrower is free to utilize the amount in a desired way as there is no restriction on the way the borrowed money is used.
Personal Loan is an unsecured loan and is given to an individual for the personal use. This loan involves an individual himself or herself as a security. Its repayment depends completely on individual’s income. It is one of the best and easily available retail loan products. Thus, it is also known as instant cash loan. Calculate your Personal Loan Eligibility?
No collateral security required
Being an unsecured loan, PL does not involve any security against which a loan is taken. It only depends on the ability and intention of the borrower to repay the loan.
Less processing time
Being an unsecured loan and completely dependent on monthly income, the processing time starting from the application to the documentation and the disbursement for the Personal Loan is less. Usually the personal loan gets processed in 3 working days.
Getting a personal loan is like eating a cheese cake. Almost all NBFC’s/ Banks offer personal loans on affordable interest rates. It is easy to avail this loan as compared to other loans. Since it requires less documentations and fewer sanctions conditions.
The cash availed under this type of loan can be used in numerous ways instead of paying through a credit card where vendors don’t accept cards and even rewards like cash discounts can also be availed. Its good to take a personal loan rather paying off by a credit card and revolving the credit ,where the charge fees of vendors is also being passed on to the customers.
Lower Interest Rates
Personal loan can help to settle the debts incurred by the credit cards where the interest rates are very high and instead of reducing interest rates, on credit card the rate of interest is cumulative. Depending on the borrowing capacity, a personal loan can take place of the credit card repayment on the lower interest rates and EMI’s.
No security means no verification of an asset or any other kind of asset related documents or proofs. So sanctioning of the personal loan requires fewer documents as compared with secured loan.
Tenure & Amount
Amount for the personal loan varies from Bank to Bank and it ranges between 1 lacs to 30 lacs. Loan tenure also depends on the loan amount borrowed ranging between 12 months to 60 months.
Here at Mudra Home an individual can save a significant time, money and effort as we give you maximum loan eligibility from variety of Banks and NBFC, also depending upon your capacity to repay you can compare and apply the loans with the best rates of interest that can fit in your budget.
Before applying an individual should take a close look on the interest rates charged on PL as it wildly varies from Bank to Bank. For instance, an employee working with a MNC can get a loan on a lower rate as compared to a self employed person. It’s always good to compare the offers from different financial institutions and ensure to get the best deal for yourself. Check your maximum PL eligiblility , compare & apply offerings from multiple banks and NBFCs ?