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Reason For Applying For A Personal Loan

By Author: Arwind Sharma
Total Articles: 12

Personal loan can be a savior when your financial resources are getting exhausted and daily expenses are getting difficult to manage. In order to maintain a smooth financial life we opt for personal loans, but you have to admit these decisions are not easy to take. As personal loan is an unsecured loan it is better for the lender to do its own research before you apply for loan. Carefully study all terms and condition before signing any loan related documents. Generally these loans have higher interest rate as compared to other loan even if you borrow from government and private banks or even private financial institution. So carefully select the lender. There is a special calculator called as personal loan emi calculator which will help you to determine your EMI of the loan. You just have to enter the loan amount, rate of interest and tenor. It shall help you in calculating monthly emi so you can manage your monthly finance accordingly.
There may be many reasons for availing personal loan such as making investment, marriage, clearing debts, family holidays or even medical purpose also. It’s a multipurpose loan. Processing time is very fast with quick disbursement of the loan. Now days less documentation as most of the banks and private firms have their own website. You can apply online by filling up the form. Personal loan now days have a larger amount up to 25 lakhs with interest rate in between 10% to 15%. Many lenders offer prepayment facility, nil foreclosure charges and many more. It doesn’t require any guarantor of the loan. Banks understand when individual apply for loan for their own personal loan purpose it might not be known to the others. Hence they do not ask for a guarantor. Banks only need assurance of repayment of the loan. They generally check your monthly income and credit score. Many individual opt for marriage also. As it has very quick disbursal time we can apply for two or three months prior to marriage. You get your cash amount in your account after approval in a week time or even less. Easy repayment is one of the biggest reason why most of the people opt for personal loan. Most of the banks offer in 12 to 60 months tenor period. Though there are some drawbacks such as higher interest rates, not available to everyone and most of the banks charges penalty for part prepayment of the loan.

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