Imagine finding yourself in a monetary pinch when you least expect it. It may be a medical emergency. Perhaps the deadline for paying your child’s school fees approaches, and other arrangements haven’t worked out. As a final resort, you can appeal to family and friends, but they will decline due to their duties.
What are your plans? Who are you going to ask?
Those who go through it may find it to be an unpleasant experience. A personal loan may be a lifesaver when you’re worried out about finding a quick and simple financing alternative.
A personal loan is an unsecured loan with a repayment period of one to five years. The loan amount might be anything between Rs 5,000 to Rs 25,00,000, with an annual interest rate of roughly on a declining basis.
What is a Personal Loan?
The concept of personal loans originated in the past decade. Banks and other non-banking financial companies provide the loan. In case the borrower becomes self-sufficient, the loan amount can be paid back from the income that he earns.
If you are a student who needs funds to pay for your educational expenses or a person who wants to get the house or car project started without any additional financing, then you will need money to pay for the project costs.
Personal Loans are easily available at the time of financial emergencies like unemployment. Even if you want to shift a job, you can easily avail an instant personal loan online.
How to Apply for Online Personal Loan
You can apply for a personal loan for 1 lakhs or 2 lakhs rupees for a specific purpose. For example, you may want to buy a vehicle or a property or need to pay medical expenses.
- Log on to the website of your preferred bank.
- Select your preferred loan.
- Fill in the details like your personal details and loan amount.
- Submit the application.
- Your loan will be approved within minutes, after which you will get a confirmation of it by email.
What are the Benefits of an Instant Personal Loan?
While searching for a loan, it is extremely easy to fill in your data and quickly get approved by the lender. However, due to a large number of loan applications, many lenders, out of hundreds, will only choose one or two, which might turn out to be very few.
While many may like to work with one lender, others prefer a one-applicant-per- lender setup. But this issue can be easily avoided by applying for a personal loan online. With instant personal loans online, lenders find it easier to work with borrowers and save money on paperwork and processing fees.
When you apply online for a personal loan, you’ll be asked to answer a few questions related to your credit history, income, and assets.
Who is Eligible for a Personal Loan?
The criteria for loan eligibility depend on the individual’s personal financial needs and circumstances.
First, all applicants must be self-employed, who have the responsibility to pay monthly installments of interest and principal of a loan amount due.
Only then are they eligible to apply for a loan. Other financial responsibilities of the applicant must also be fulfilled.
- The maximum loan amount that can be taken is Rs 5,00,000.
- A personal loan is not provided temporarily; the interest and repayment period of the loan must be commensurate with the loan amount and the applicant’s other expenses. This principle also applies to the repayment period for a loan of any amount.
- Moreover, applicants’ age must range from 21 to 57 years, and the income should directly land in his/her bank account.
If you have planned to go for a home loan or a car loan, you might have realized that finding a good bank is a real problem. It is never easy to come across a good bank with good rates and reasonable service.
If you are also looking for personal loans to buy a new home or a car, you will find a lot of personal loan companies available for you. These lenders can help you in getting a loan that suits your needs and is available on a fast turnaround.
Have you been looking for a personal loan and wondered what companies can offer you? If so, then you can search online for the best company to avail personal loan.