Today, many people prefer a Personal Loan to fast-track their dreams or pay for expenses during emergencies. This Loan empowers you to tick off everything, regardless of a reason or season. So, if you are short of money and unable to meet an expense, applying for a Personal Loan can be a wise choice.
What is a Personal Loan?
A Personal Loan is unsecured. It does not require any collateral or security. You can also avail of this Loan with minimal documentation. Additionally, you can use the borrowed sum to cover any legitimate financial need. For example, use the Loan amount to pay for a wedding, your child’s higher education, a vacation, home renovations, a medical emergency, etc.
Later, you can repay the money and the interest at pre-determined monthly instalments over the Loan tenure you have agreed upon.
How do these Loans work?
You can easily apply for a Personal Loan online using Online Banking platforms like a Banking app. With a few clicks, you can apply for the Loan to fulfil any monetary need.
When applying for such a Loan, you can enjoy the following benefits:
- No collateral needed
Since a Personal Loan is unsecured, you do not require any collateral, guarantor, or co-applicant. You can easily opt for it if you have a good credit history and a regular income source.
- Hassle-free processing
You can readily apply for the Loan through Online Banking platforms. The application process hardly takes minutes. Once verified and approved, your bank transfers the Loan amount directly to your Savings Account without any hassle.
- Easy documentation
When you apply for such a Loan online, the process is entirely paperless. You only need to fill in an application form mentioning your requirements. However, if the amount exceeds the approved limit, your bank may request scanned copies of bank statements or details. However, you would not be asked to submit salary slips or IT Returns.
- Free to use the funds
Today, you can conveniently apply for an Instant Personal Loan online. The bank approves your principal amount within minutes of completing the application. Soon after, the money gets credited to your Savings Account. You can then use this borrowed sum to repay your other debts, pay for a grand wedding, cover the costs of a dream vacation, upskill yourself, pay for the expenses of your child’s higher education, etc. You can also use the money to cover medical costs.
- Attractive interest rates
Such a Loan is available at attractive Personal Loan interest rates. This way, you can borrow the money to meet your requirements and repay it in affordable EMIs.
- Flexible repayment options
Today, you can choose from flexible tenures and repay your Loan conveniently. This, in turn, gives you ample breathing room to meet your ongoing monthly needs.
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