To know about Personal Loan it is very important for you to understand the concept at first. Personal loan is an unsecured loan that can be used for personal expenses or fulfillment of personal aims. It can be made available to you for any purpose, whether a marriage, to buy property, to start business, to buy car, to renovate your house, to travel abroad, to educate your children, to meet medical expenses, etc.
Personal Loan is something that fulfills all your needs for which you keep grumbling always.
To get a personal loan the first thing is proper planning. Know what you need to do with the loan amount, how will you repay the loan amount, what will be the EMI amount, what will be the interest rate given to you, whether the rate of interest will be fixed all through or floating, etc. generally a personal loan amount ranges from 50,000 to 20 lacs. It depends upon your monthly income or salary as to what should be your EMI. EMIs can be calculated with the professional EMI calculators given by the banks or financial institutions. This will help you to know the exact figure you need to save every month in order to clear payments.
Personal Loan: Some advantages/ benefits
Personal Loan is generally having no collateral security; it plays a role of secured Personal loan. Here, when the bank provides you with loan of your required amount, it doesn’t ask you to pledge any asset or property or any valuable item against the money given like in the case of gold loan.
Personal Loan doesn’t require heavy and lengthy paper work. The procedures of application and sanctioning Personal Loan can be completed with minimal paper work. In secured loans, this is the best advantage.
No limitation on end use of Personal loan
All that the bank or creditors are concerned with is whether you are able to repay and whether you are repaying the borrowed money on time. They see whether you pay the amount with the given interest rate according to the terms and conditions already stated and disclosed by the bank. The banks want you to follow the procedures, therefore they verify all about your salary, business or employment, your location, etc.
Personal Loan amount
Loan amount can range from 50,000 to 30 lacs. You can select any amount that is required for you to fulfill your personal needs, not denying the fact of paying the amount back with complete capacity and amount present with you.
Personal Loan: Compare and Buy
Comparing personal loan interest rate with other banks or institutions is mandatory so that you easily save money and can know the market rate of such interest provided to you. Personal interest loan rates should be compared on the basis of your loaned amount and salary, income, profession, etc personal interest rate is generally granted from 12% to 25%.
Apart from comparing interest rates, you also need to look in for the other fee or charges that are applicable along with the interest rates. Te pre payment fee, documentation fee, service charges, etc can shell out your pocket, so be careful and make the most effective and affordable deal.
Whenever you are presented lots of options and different companies Personal Loan with different interest amounts, tenure, etc you should not immediately nod your head towards the most attractive package. Think a while, compare these plans with the most reputed bank deals and offers, see whether you are getting an option that matches all your needs, whether you will be able to handle the loan amount you have accepted, and then move on with it.
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