How to Get a Personal Loan- BookMyMoney

by Priya Singh Compare and Apply Online for Loans in India

A personal loan is a fixed amount loan that is disbursed as a lump sum. Most people take a personal loan to make a major purchase, pay medical bills or consolidate debts. Unlike loans secured to buy a home or car, personal loans are "unsecured". Unsecured loans are offered with no collateral, giving you more flexibility in how you spend money.

A personal loan is a deal between a borrower and provider of a loan. A borrower is now called an amount of money (principal) for their use and they agree to repay the interest on that amount at a later date or in installments. Most personal loans are not secured by collateral like a car or salary. A personal loan can be borrowed from a bank, a family member or an online lender. Personal loans are widely available in a variety of different types of lenders. Some lenders specialize in bad debt loans or credit check loans; others offer specific types of loans for certain purchases, which can be obtained by collateral, such as auto loans and home mortgages. If you want to buy a new car, you will get an auto loan. If you are ready to become a homeowner, a mortgage can help you finance the purchase. On the other hand, the reason for taking a personal loan is just this: personal.

Personal loans can be used to finance a wide variety of expenses, such as home renovation and maintenance, continuing education classes and online courses, and personal expenses during a financial emergency. You can also use personal loans to consolidate high-interest debts - such as credit card debt - at a lower interest rate so that you can save money and pay it off faster.

What should I know about interest rates?

Interest rates for personal loans are majorly sawed by your credit score. Your annual income and the amount you borrow are also important. It is a good idea to compare rates from different lenders to find the best deal. If you cannot see the rate you want, try reducing the amount you want to borrow or improve your credit score.

Top Uses for Personal Loans

Consolidated debts

Pay with credit card

Home improvement

How do I get a personal loan?

You can apply for a personal loan through a bank, credit union or finance company, including online marketplace lenders like BookMyMoney. It helps to build a strong credit score before you apply. If your credit needs work, you can still be approved for a personal loan. But for medium to bad credit, you can pay a higher interest rate. When you find a lender and interest rate that seems right for you, calculate your monthly payments so that you can work out your loan payments within your overall budget. Just enter your loan amount, term and interest rate in our personal loan calculator.

BookMyMoney offers online personal loans to salaried and self-employed individuals in India with minimal documentation. As we know that personal loans are unsecured loans provided to individuals based on their loan history. It can be your 'all-weather' friend to serve all your purposes and leave your savings untouched. Get a multipurpose personal loan with no collateral or security.

Types of personal loans

Depending on your needs, the following types of loans can be availed from BookMyMoney:

Travel Loan: When there is travel in your mind, why is it delayed? BookMyMoney personal loan for travel can be helpful in meeting your travel expenses. Do not think too long, avail easy holiday loans for a comfortable vacation.

Medical Emergency Loan: Whether it is surgery/operation or regular consultation with a doctor, it can be expensive to manage. A medical loan from BookMyMoney can help cash be ready in the event of a contingency.

Marriage loan: Marriage can be a grand auspicious event celebrated in an extraordinary way. Plan your dream wedding with BookMyMoney personal loan with quick disbursal.

Small Business Loan: If you want a small business loan for your startup or existing business. A personal loan for business is the right solution to meet the needs of your business.

Home renovation loan: A home improvement personal loan can help classic interiors for your urgent repairs, long-term maintenance, and beautiful living. Apply for a personal loan for home renovation.

Education Loan: Education is important for career building. BookMyMoney provides the facility of personal loan repayment for students as soon as the course is over.

Best Instant Personal Loan Offer

We immediately offer online loans starting at Rs. 25,000 to Rs. 2, 00,000 with quick approval and fast delivery at a competitive rate of interest. Pay easy EMI as low as Rs 1000 and meet your financial needs quickly with 0% processing fees. Borrowing from family and friends can be embarrassing in most cases. Instant loans from us can get you the fastest cash at the click of a button now, no sharing awkward moments with family and friends.

Get Personal Loans Instant Approval from BookMyMoney across India

BookMyMoney prides itself to serve in many sectors across India with 24/7 instant approval available. We ensure to meet our financial goals to our full potential. Just search bookmymoney personal loans and find us at the top! Our personal loans will never disappoint you and ensure a timely solution.

Personal Loans from BookMyMoney

Everybody needs a little help now and then. A personal loan can support you to afford that later major expenses or purchases. Amounts ranging from 50,000 to 5, 00,000 in a lump sum and took up to 60 months for repayment. A fixed interest rate and no annual fee make it a smart solution for your lump-sum lending needs. Learn how to get a personal loan from BookMyMoney.

Personal loan facilities

  • Competitive interest rates - Get a plus rate discount when you set up automatic payments from BookMyMoney checking account

  • Estimated Monthly Payment

  • No collateral is required.

  • No application fee or annual fee.

For what personal loans can be used for?

Consolidation: Consolidating your high-interest debts into one convenient low monthly payment.

Life events: Paying for family reunions, weddings or holidays.

Financing: Purchasing new equipment or auto repair.

Pay off the loan with a personal loan

It is always a good idea to avoid debt, but sometimes life gets in the way of your plans. You may be experiencing a financial emergency, such as a job loss or a health problem. Perhaps you need to cover a large expense and your saving account will not be deducted. There is no reason, you will not rack up expensive credit card debt or take a dangerous payday loan. Positively, a personal loan from one of the best and reliable lenders can be a low-cost solution when you need to borrow some money. You can learn more about personal loans here or keep reading for more information about whether personal loans are right for you.

How do personal loans work?

Personal loans can be either "secured" or "unsecured". A secured loan requires collateral to return the loan to you, such as a vehicle or home. If you are unable to return the loan, the lender will forfeit this collateral as payment. Although "debt" can make it easier to get this way, it is risky for you if you are unable to pay. Many personal loans, however, are unsecured. This means that you are given a loan on a loan basis alone. If your credit is not in great shape, qualifying for an unsecured loan can be more difficult, but it is also a very safe option. Additionally, personal loans come with fixed or variable interest rates. The best loan will offer a fixed rate, meaning the rate never changes and your monthly payments will always be the same amount. On the other hand, variable interest rates are market-linked and may fluctuate. Often, the introductory rate will be much lower, but that rate is likely to increase in the future.

Personal loan interest rates are set by the personal lender. In most cases, however, your rate will depend on your credit history and score. When taking out a personal loan, it is important to get the lowest interest rate so that you spend less over time. Once you are given a personal loan, you receive a lump sum. You will then repay the loan in monthly installments until the entire dues are repaid. How long you have to repay the loan will depend on the specific terms of your loan.

Should you take a personal loan?

Of course, sometimes borrowing money is unavoidable. Personal loans come with lower interest rates than credit cards and other expensive lending instruments. So if you are in a situation that requires you to borrow money, a personal loan can help keep interest rates low and allow you to get out of debt faster. Personal loans can also be a helpful tool if you are already in debt. For example, you can use personal loans to consolidate existing credit card debts. By connecting your credit card to a credit card with a very low-interest rate, you can take that debt under control and pay it off quickly.

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About Priya Singh Junior   Compare and Apply Online for Loans in India

3 connections, 0 recommendations, 17 honor points.
Joined APSense since, November 22nd, 2019, From Gurgaon, India.

Created on Nov 22nd 2019 01:07. Viewed 623 times.


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