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Know All the Features and Benefits of Your Personal Loan

Know All the Features and Benefits of Your Personal Loan

A Personal Loan is a great financial instrument to have when you require money without too much of a hassle. It is also a better option than borrowing from family, friends and relatives. Whether it’s for a medical emergency, wedding, home renovation, higher studies, or international travel, a Personal Loan is the perfect way to tackle all the financial milestones in your life.

There are various banks and Non-Banking Financial Companies (NBFCs) in India that offer low-interest Personal Loans with little or no paperwork. Although this traditional borrowing option is often overlooked, it comes with some unbeatable features and benefits which we shall discuss in this article.

But first, let’s understand what a Personal Loan is

A Personal Loan is a type of unsecured loan, which means that you do not have to offer any collateral for it. This is a multi-purpose loan that can be used for a variety of purposes, such as paying medical bills, funding a vacation, renovating a home, consolidating debt, etc. Hence, you can use this loan for any legitimate purpose without any restrictions.

Personal loans come with a wide range of attractive features & benefits and knowing them can help you make an informed decision when you are considering taking out a loan. In this article, we will go over some of the most common features and benefits of Personal Loans.

Features of Personal Loans

  • Unsecured Loan: Personal Loans are unsecured, which means borrowers are not required to submit any collateral. This can be an attractive feature for borrowers who do not want to put their assets, such as their home or car, at risk.
  • Fixed Interest Rates: Personal Loans often have fixed interest rates, which means that the interest rate will not change over the life of the loan. This can make it easier for borrowers to budget for their monthly loan payments.
  • Flexible Repayment Terms: Personal Loans typically offer a range of repayment terms, ranging from 12 months to 60 months. This can give borrowers the flexibility they need to find a repayment term that fits their budget.
  • Quick Approval: Personal Loans can often be approved quickly, sometimes in as little as 24 hours. This can make them a good choice for borrowers who need money quickly.
  • Usage Flexibility: As we mentioned earlier, Personal Loans offer flexibility in how the funds can be used. Hence, borrowers can use funds for a variety of purposes.
  • Minimal Documentation: The paperwork required for a Personal Loan is minimal. You can get a loan by submitting just some basic documents such as ID proof, address proof, and income proof.

Benefits of Personal Loans

  • Improved Credit Score Taking out a Personal Loan and making regular, on-time payments can help improve a borrower’s credit score over time. This can make it easier to qualify for other types of loans in the future.
  • Debt Consolidation: One of the primary benefits of low-interest Personal Loans is that they can be used to consolidate high-interest debt, such as credit card debt. By consolidating multiple debts into one loan, borrowers may be able to lower their overall interest rate and simplify their monthly payments.
  • Fixed Monthly Payments: Because Personal Loans often have fixed interest rates and fixed repayment terms, borrowers can enjoy the predictability of fixed monthly payments. This can make it easier to budget and plan for the future.
  • High Loan Amount: The Personal Loan amount that gets disbursed is typically based on an individual’s age, monthly income, repayment history, profession, employer’s reputation, credit score, etc. Some of the leading lenders offer a high loan amount of up to ₹50 Lakh that can be used for a wide range of purposes.
  • Attractive Interest Rate: Some of the top lenders in India offer low-interest Personal Loans to make them easily affordable for all.

To Conclude

In conclusion, Personal Loans can be a great tool for borrowers who need flexibility, quick access to funds, and predictable monthly payments. By understanding the features and benefits of Personal Loans, you can determine whether this type of loan is right for you. Be sure to shop around and compare offers from multiple lenders to find the low-interest Personal Loans in India that best fit your needs as well as budget.

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