Personal Loan is a loan which is used for personal use. Personal Loan is usually used for holiday, marriage, home renovation, to pay the credit card dues etc.
Personal Loan is an unsecured loan facility provided by all banks to its clientele and they can make use of this loan within the end use definition. Consolidation Loans involve captivating all of your debts and affecting them to a single source. It also includes personal loans, home-equity loans, car payments, credit card balances and mortgage debt.
All salaried employees in a public, private, multinational or government organization, who are currently working are eligible for a personal loan. The procedure of personal loan is very quick, and it will be sanctioned within 2-3 days. With less number of documents, frequently personal loan doesn’t require much documentation compared to other loan.
A personal loan can range from Rs 50000 to Rs 20 lakhs for 1-5 years. Prepayment penalty paid at the time of pre-closure also varies from 2 – 3 %.
A person can benefit personal loan, as much as he can pay back. Each bank has their own policies and different interest rates. According to Finheal, we provide lower interest rates, which have an interest rate of 11.49%. But it totally depends upon the policies and your profile.
As personal loan doesn’t require any security, that is why they are regarded as a far above the ground risk by the lenders. And this is why these loans carry high interest rates. As these loans are extremely risky, so the lender checks the borrower’s credit rating. So if your credit rating is deprived, than your application would be cancelled. If you are facing an emergency, than personal loan is the best way to accomplish your requirements.
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