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A personal loan is an unsecured loan that helps you to cater to your planned or unplanned financial needs. A Personal Loan would be more beneficial when you need money while you hassle borrowing from friends or family. Be it unplanned medical expenditures or planned expenses like weddings, foreign trips, or pursuing higher aboard, home revamp, or other needs, opting for an instant personal loan will help you to tide over the cash crunch. Nowadays, getting a personal loan online is convenient as the loan application, documentation, and loan disbursal are done on digital platforms quickly without any paperwork. You can repay the loan in pocket-friendly small installments over a predefined tenure.
What are the Advantages of Taking a Personal Loan?
Secured Loan
Personal loan is an unsecured type of loan that is availed without mortgaging any property, gold, or other security to the lender in exchange for money given as a loan. A personal loan will be the best suit for the individual who doesn't have collateral or is unwilling to pledge a gold or a property in bank lockers as collateral security.
Stress-free loan processing
You can apply for a personal loan online using the website or NetBanking, at an ATM, or by visiting your nearest branch. If you apply for a personal loan online, the application process is quick with minimal documentation.
Instant loan disbursal
The dawn of new technology in banking has reduced the personal loan processing time. You can easily apply for a personal loan online with minimal documentation to get instant approval for a personal loan application. It helps you to tide over the urgent cash crunch. If you have a strong credit history (credit score of more than 750 & above), some lenders may not have a problem approving your loan application.
Versatility
Whether you purchase an iPhone, go for a Swiss holiday or revamp your home, a personal loan would be the best choice. Also, a single loan can cater to multiple purposes and is not limited to home or auto loans.
Builds Credit Score
Wondering how to find a way to improve your low credit score? Well, availing of a personal loan at affordable rates & repaying without a default will help you improve your low credit score. Your credit score will increase if you pay your EMIs correctly due at the pre-decided interest rate. However, it is important to avail of the loan amount within your repayment capability. If you fail to pay the EMI payment, it can degrade your credit score.
What Are The Eligibility Criteria For a Personal Loan?
- The maximum EMI for a personal loan is up to 65% of Income.
- The age limit to opt for a personal loan is 21 – 68 years.
- The essential credit score to apply for a personal loan is 750 or above.
- The different types of employment like a salaried, self-employed professional, business owner, retired, student & homemaker.
- The minimum net monthly income to opt for a personal loan is Rs.5,000 & above.
- The applicant should have a work experience of 1- 3 years or above to apply for a personal loan.