Life is full of uncertainties, and no matter how much you plan, at times sudden expenses will knock at your doorstep. Financial emergencies like urgent medical attention, debt consolidation, wedding expenses, home repair, might erupt at any point in time. If you plan to borrow from traditional lenders, they would charge you exorbitant interest rates, and it would seriously derail your finances in the long run. One of the ideal ways to fund your immediate needs would be applying for personal loans.
There are many reputed lenders out there in the market that provide a loan with attractive interest rates and flexible loan tenure. You can borrow as little as Rs 1 lakh and can go up to Rs 30 lakhs. You will get attractive interest rates between 11% to 16% and mere processing on it. Borrowers can repay the money in 30 months to 60 months. If you visit online for applying for personal loans, you will come across a plethora of options in the market. Thus, a personal loan comparison will help you make an informed decision.
There are aggregate sites, wherein you can compare quotes of top banks and financial institutes to pick the interest rate and personal loan EMI of your choice. Personal loans come with unmatched advantages that we would be discussing further in this article:
A personal loan is taken by a borrower from banks and non-banking financial institutes to meet their various financial goals.
Here are a few major advantages of availing personal finance:
Flexible Use – If you opt for a car loan you would definitely need to show your car keys, you want a home loan you need to show property papers. However, a personal loan can be used for any purpose under the sun as long as you’re not funding any illegal activity or investments. The money you borrow can fulfill your financial goals like go for a family vacation, fund education or medical expenses, business expansion, purchase jewelry or electronic gadget, etc. It’s your helping hand in a financial crunch.
Attractive interest rates – When you do a personal loan comparison online, you’ll find lenders are offering drooling rates to potential customers. You need to fill up a simple form on aggregate sites, and they would come up with the best match as per your affordability and financial requirements. A low-interest rate would mean your EMI would be affordable on your wallet. They usually come with fixed interest rates, so there’s no need to worry about market volatility.
Faster Disbursal – Compared to the physical application process, online personal loans are fast and secure. Once you meet the eligibility criteria, lenders will quickly drop an email or SMS about your loan sanction. A good income source, job or business stability for around 2-3 years and credit score. You will have to fit into the eligibility bracket for faster loan approval. Once the loan is sanctioned, it will be disbursed to your bank account in mere 3-4 working days. Being an existing member of the bank or financial institutes makes it speedier.
No collateral – You don’t have to pledge any collateral to avail of personal loans. Thus, your financial asset like property papers, jewelry, etc. will remain safe.
Easy Repayments – To repay your loan, there is a lot of flexibility and easy repayment option in terms of EMIs, installments, ECS, post-dated cheques, and all. Lenders give flexible tenure and you can pick an EMI as per your risk potential.