Everything that you need to know about a Personal Loan

Logo1 Personal loan is also known as all-purpose loan as it serves all of the personal needs of the borrower. Personal loan is granted for three major categories of need:

  • Personal (health and well-being).

Major medical emergencies can be solved enabling you to first get the aid and repay the amount borrowed later. This may be looked upon as a life saver then.

  • Family (education or supporting a vacation plan).

Traveling is the hobby of many but it remains pending due to lack of money. If you want to plan a long tour and are ready to pay the amount not at one go but eventually, personal loan can help you.

  • Domestic (purchase of household equipment like AC, Refrigerator etc.).

As the lifestyle changes, the needs and wants increases. But the income to source them cannot be amplified suddenly. To fund such immediate needs you can take help of personal loan.

Following are the pick points to be considered when you apply for personal loan:

  • This loan is sanctioned on the basis of the credit card history of the debtor. The proficiency of the borrower to repay the loan amount from his/her personal income on time with due interest is considered by the lender (bank).
  • The repayment method is shaped over fixed amount of installments in a scheduled period of time.
  • It is disbursed in couple of days i.e. 48 hours of application.
  • The tenure permitted is of 5 years for personal loan.
  • It is an unsecured loan. It gets secured if the borrower presents in front any guarantor or in case if any asset is bought using the personal loan, the asset becomes the security.
  • For the approval of personal loan, there is no need to keep anything on mortgage.

Thus, if there is an urgency of money to buy something or fund any activity, personal loan acts as the savior. Personal loan happens to be the most affordable loan amongst all. Personal loan interest rates though fixed with some margins; they vary from bank to bank depending upon the policy the bank works.

Express Paisa, one of the leading loan provider companies of India, brings to you the best bank with finest suitable deals which indeed cuts off your hassle of wandering bank to bank to find the same. It has tie-ups with the well-known banks that approves loan expeditiously with nominal documentation. For example HDFC bank which offers personal loan at modest interest rates (starting from as low as 10.99%). As the range of banks grows, it opens up more options for you to choose among the policies suitable for you from all of them. Express Paisa helps you to make an impeccable decision clearing away all your confusion. To know more about how it works, visit http://www.expresspaisa.com/

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Post Author: Express Paisa

3 thoughts on “Everything that you need to know about a Personal Loan

  • Pankaj

    (August 4, 2017 - 3:56 pm)

    Now almost 90% of the home buyers are choosing home loan option. Banks are motivating everyone to take personal loan. So here I have some doubts before reading this issue. In this article clearly you mentioned what to know before taking loan ( either personal or family loan). Thank for posting such a nice article on personal loan.

  • manvi sharma

    (August 30, 2017 - 5:09 pm)

    This blog is absolutely awesome.
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  • manisha sharma

    (September 9, 2017 - 1:22 pm)

    Thanks for the blog. very useful information.

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