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इंडियन आवाज़     29 May 2020 05:08:16      انڈین آواز

All You Need to Know About Personal Loans

WEB DESK

Personal loans are a go-to financing option for many people, especially the middle class. Whether you are amidst a financial crisis or going for big-ticket expenses, a personal loan is an ideal credit option. Traditionally known as unsecured loans, personal loans are gaining popularity for several reasons.

You do not need collateral to backthe loan, i.e. financial institutions offer personal loans without bloacking your assets.You can utilize the loan amount tocater to any of your personal needs, like home appliances, wedding or home renovation.

Personalloans are granted after verifying your ability to pay back.You can use an EMI calculator online to ascertain your monthly installments and make the repayments well-planned and comfortable.

Here are a few ways in which a personal loan benefits you:

  • Easy Application

Getting a personal loan is not a hard task. You can get theloan at reasonable interest rates from almost every bank and financial institution. It isa convenient way to avail credit in comparison to other typesof loans.Make sure to use an EMI calculator before availing a personal loan to plan the whole process better.

  • All-Purpose Loan

Unlike other loans, you do not have to specify the cause for which you are availing a personal loan. You can use the amount credited in your name for any purpose. It is at your discretion to decide what you have to do with the money. Also to calculate your due EMI, you can use an EMI calculator and adjust it according to your needs. It will help you to determine the EMI amount automatically considering your amount, tenure, and interest rate.

  • Predictable Repayment Schedules

Personal loans are easy installment loans with fixed repayment terms, interest rates,and monthly payments. Before applying for the loan, you can use an EMI calculator to learn precisely how much you’ll need to pay as an EMI and how many monthly repayments you’ll need to makeover the life of the loan.

  • No Need for Collateral

Unsecured personal loans don’t require you to put up collateral. Although the consequences of defaulting on an unsecured loan are severe, you can easily plan your repayment with an EMI calculator. As you do not have to mortgage collateral such as home or vehicles to get the loan, it becomes easier to stick to a budget and repay the amount on time. 

How to Apply for a Personal Loan?

The most crucial step while applying for apersonal loan is figuring out your exact requirement and the amount you need for it. It will enable you to borrow the right amount. You can do this by using an EMI calculator online and know your loan requirement.

Below is the step by step application process for personal loans:

Step 1.Fill in your personal and employment details correctly.

Step 2.Use an EMI calculator to ascertain your loan amount, interest rate, and tenure.

Step 3.After knowing your requirements, select the loan amount and tenure and get instant online approval.

Step 4.Submit the required documents,which are: income statements, salary slips, bank statements, latest income tax returns, credit report, age proof, address proof, and photo identification proof.

Step 5.Your loan will be sanctioned after the verification of submitted documents.

Why are Personal Loans a Good Idea to Manage Finances?

There are several good reasons to take personal loans. Using the loan amount, you can pay off any previous debts at a much lower interest rate. However, before applying for it, you must determine your purpose. Go through options and compare interest rates to get the most affordable personal loan. Reputable banks such as Axis Bank offer personal loans with easy repayment terms to fulfill your dreams and wants. They also provide an online EMI calculator to make the process more convenient and easier to plan.

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