Personal loan:
Personal loans are a reliable way of securing funds in time when you are in urgent need of money, for consolidating debts or attaining valuable assets or funding some events. Moreover, with the advent of pre-approved personal loans one can easily get funds within a short span of time.
What is personal loan?
To simply put, personal loans are the money borrowed to finance a variety of purposes, Personal loans are availed for
- Short term financial requirements
- To fund urgent situations
- To finance life goals like education or vacation.
The main benefit is that you can get a loan from a government or private bank with a flexible repayment tenure of up to 5 years.
To choose personal loan decide on:
Loan amount: This refers to the amount you wish to borrow. The loan tenure must be decided accordingly. Thus, you may end up paying more interest rate over a longer repayment tenure thus, you need to decide accordingly.
Personal loan interest: Your personal loan interest rate depends on CIBIL score. A CIBIL score of 700-750 helps you fetch a better interest rate. A lower CIBIL score means you have to pay higher interest rate.
Top uses of a personal loan:
- Debt consolidation: Consolidate your debts from various sources into one single debt with one instant personal loan.
- Medical emergency: Personal loan are much easier option to avail for medical emergencies. Avail instant personal loans or pre-approved loans with minimal documentation to satiate your immediate funding requirements.
- Higher education: Personal loan can come to your aid if you want to pursue a course or want to meet funding gaps for your educational requirements.
- Expenses for wedding or a vacation: with a personal loan you no longer have to worry about financing your wedding or a vacation. Now you can make your wedding a special one and fulfill your travel goals with a personal loan.