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Personal Loan – Features And Benefits Explained!

By Author: Anujit Bhattachaarya
Total Articles: 10
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A personal loan is one of the most popular loan options available today. The ease with which this loan is available has made it a loan that most borrowers prefer to take. But before you look at applying for a personal loan online, it is better to learn all about it.
Features of personal loan:

A personal loan is an unconditional loan. This means except for a few negative uses that the lender may have, there are no conditions on the use of the funds. The borrower can use funds for whatever purpose they want to. This makes it an excellent option to raise funds in case of any emergency.
It is now possible to apply for a personal loan online through the lender’s website and even get it approved online. Once the loan is approved, it is credited to the borrower’s account.
This loan is unsecured which means the borrower does not need to put up any security to opt for this loan.
The loan tenure of a personal loan is between 3 to 5 years.
The loan amount approved by the lender depends on the credit score of the individual and the repayment capacity. This means if you have a higher income and a good credit score, you can apply for a higher loan. Lenders will also pre-approve you for a higher loan if you have a strong repayment ability.
To be eligible for this type of loan, you need to meet the minimum age and minimum income requirements of the lender.
It is possible to make a joint application for this loan to get the benefit of incomes of both the applicants.

Benefits of personal loan:

It is extremely easy to apply for personal loan online. Most lenders have a loan application form online that can be filled up and the customer care executive of the lender will contact the borrower. Some lenders approve the loan online as well.
The fund disbursement for this type of loan is extremely quick and can range from a few hours to a week. This makes it one of the best sources to raise funds in an emergency.
A personal loan does not require a lot of documentation. It needs simple and standard KYC (Know Your Customer) documents, income proofs and credit score information.
The borrower can set his own repayment period for this type of loan.
If you have a good credit score, you can negotiate with the lender to reduce or waive off loan processing fees and improve your tenure so that you get affordable EMIs.

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