Are you facing a cash flow crisis? Applying for a personal loan may be the best idea for you. Whether it’s a wedding expense or a travel expense, personal loans are ideal for meeting your short-term financial needs. In addition, without any warranty or guarantee requirement, the documentation involved for get a personal loan is much less compared to other loans such as a home loan or a car loan. The personal loan amount can range from Rs. 50,000 to Rs. 50 lakh.
Some advantages of a personal loan that make it an attractive option for borrowers in need of urgent funds are
1. Versatile loan: Personal loans can be used for a variety of purposes such as paying off a marriage, paying for medical bills, renovating your home, supporting your child’s education, or even paying off an existing loan. Other than a few speculative purposes, there are no restrictions on the end use of a personal loan.
2. No collateral required: You don’t need to commit, provide collateral, or collateral to get a personal loan.
3. Quick disbursement: If you meet the eligibility criteria and have a good credit rating, you can get a personal loan in 24 to 72 hours. In fact, some banks also offer a pre-approved facility to their existing customers.
4. Hassle-free documents: Obtaining a personal loan requires minimal documentation. All you need to do is submit your personal information, income information, and employment information. Existing pre-approved applicants from banks are not even required to submit documents in some cases.
6. Low interest rate: Many banks and NBFCs offer personal loans at affordable interest rates to salaried people working with leading and reputable companies. Personal loans start at a minimum rate of 10.75% and can go up to 22% pa Interest rate usually depends on your eligibility and CIBIL score
7. Tax benefits: A personal loan can also give rise to tax advantages, depending on the end use for which it was taken out. If you are using the loan for construction, home improvement, or down payment for the house, you may qualify for a tax deduction of up to Rs. 2 lakh under Section 24B for the interesting part of an exercise. You may also enjoy tax benefits if you use the personal loan for business purposes, subject to your ability to provide enough documentation to show that the money was used for that purpose only.
8. Fixed interest rate: A personal loan has a fixed interest rate, which means you pay fixed IMEs for the duration of the tenure, without worrying about interest rate changes.
Personal loans can be your real companion in need thanks to their unique and flexible features. Availing a personal loan is quite easy for borrowers with a good credit rating and a stable work history. What makes these loans more attractive today is the ability to compare, apply and benefit from these loans through online aggregators that give you the best deals on a platter and make the loan taking process. much smoother and simpler.
Here are some advantages of taking out a personal loan through an online aggregator:
A full diet comparison: They give you a platform to compare loan offers from different banks and also suggest which ones best suit your profile and needs. OK.
Calculators and tools: Various online personal loan calculators and tools like EMI calculator and eligibility calculators are useful for estimating the loan amount you may be eligible for, calculating the EMI you need to pay each month on the loan amount borrowed, considering the loan rates interest and selected loan terms. These calculators are free and allow you to more precisely define your loan need, reducing your chances of loan refusal.
Instant electronic approval and fast disbursement: Most aggregators run special programs from their banks that include pre-approved loans or instant electronic loans for borrowers who meet the eligibility criteria for such programs. Even otherwise, these aggregators are integrated with their partner banks on the technology platform, which allows them to process and coordinate your loan request with the banks in real time.
Superior customer service: These online aggregators run their customer service, where a dedicated credit counselor helps you understand the entire process of getting a personal loan and clear up any doubts about eligibility, offers, procedures, documentation. and repayment options. Not only that, they even coordinate with banks and follow up on your behalf. This therefore makes them unique in the sense that their offerings are a mixture of digital and personalized services for their customers.
Confidentiality assured: All personal loan requests submitted to online aggregators are sent electronically to the relevant banking service, ensuring complete confidentiality and transparency.
So, with the help of online aggregators, your personal loan search becomes very simple, transparent and hassle-free. The best part is that even with personalized and fast services, these loan providers do not charge their customers any fees and even have attractive repayment programs.
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Posted on: Monday October 08th, 2018 13:57 IST