Personal Loans - all you need to know
by Finway FSC Empowering People FinanciallyPersonal loans can be easily procured since there are several
financial institutions and NBFCs provide them at a decent interest rate.
Further, a personal loan is the best option if you do not have an asset to
offer as collateral as it is a type of unsecured loan. And, are best suited for
times of contingencies as the loan is provided instantly. The loan amount
ranges from Rs. 25,000 to Rs. 25 Lakhs with a tenure period varying from one to
five years, with minimal documentation and processing time used for the loan
approval process.
In general, a personal loan is obtained for paying off medical bills,
home renovation, wedding expenses, travel expenses, or even for the business loan in Delhi. In fact, you can use it to pay off multiple unpaid loans by opting
for debt consolidation or balance transfer. Additionally, a loan against property in Delhi is a convenient option to finance all high-end expenditures for
business or personal purposes. You can mortgage various loans against property
types as collateral to avail funds of up to Rs. 3.5 Crore.
For obtaining a personal loan with ease, certain requirements including
decent credit history, adequate monthly salary and minimum age, are essential.
After which the lender will review your credit report containing the credit
history and final credit score. Depending upon that only, the lender will then
offer you a personal loan at low-interest.
It is necessary to carry out detailed research, gathering all the
relevant information such as the interest rates, flexibility of tenure,
processing fees, and pre-payment charges should be compared, and go with the
best option before taking a personal loan. If not researched carefully, you
might fall into the trap of borrowing from private lenders who charge a very
high rate of interest as high as 30%. And thus, it is advised to go through
various online lending platforms, as the loans are provided at lower interest
rates at these platforms.
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Created on Mar 23rd 2020 23:52. Viewed 121 times.