Sometime you may need to take personal loans to meet up your needs. Although these types of loans come with a little extra interest than other types of loans, they come in handy when the bounty is required for something that otherwise will not be eligible for credits. These are mainly needed when there is no collateral security, or they are not designated loans like the housing, education or car loans. One needs to fulfill the basic eligibility criteria, and the financial institutes and the banks will be more than eager to provide you the personal loan.
The Benefits & Salient Features Of The Personal Loan
Almost all banks and financial institutions are ready to give “Instant Personal Loan Approvals” without any hassle, and many have extended the services of online personal loans.
• There are many plans, and some of the plans even allow you to pay fewer amounts of EMI’s so that you do not burn a hole in your pocket clearing it.
• If you go for online application and your documents and financial rating is perfect, it is likely that you will get the individual loan in a whisk sitting in the cozy corner of your home.
• You can get them to the extent of 25 lakhs from individual financial institutions with minimum documentation and without any loss of time.
• After you get the instant personal loan approvals and the money is transferred into your bank account instantly, you can repay the loan with tenure of 12 months to 60 months or can also extend the tenure more.
• The most significant benefit of taking “Online Personal Loans” is that one does not need any collateral security or need to find a guarantor to get it. They do not need any collateral security but needs the documents to be in order.
• Almost all financial institutions provide personal loan without any hidden charges however it is still better for you to read the terms and conditions in fine prints before taking these types of loans.
• The interest rates of the loan vary from institute to institute and usually start around 14% and goes up. However, some institutions may charge a processing fee, and that is more or less 4% of the loan amount.
• If the EMI’s are not paid on the due date, then there is approximately 2% penal interest per month. Of course, if you want to have the benefits without any security, there would be a high rate of interest as well as a penalty in case of default.
• These are beneficial for the salaried class who are in between the ages of 25 to 58 years as they provide a provision to have a lump sum amount in hand.
Overview
With easy and quick approval, it is time for you to relax and enjoy life without running from pillar to post to meet the unforeseen expenses. They are worth to take when you have in need and do not have any collateral security.