A personal loan is of great advantage when you shy away from lending money from your friends or relatives. It is important to prioritise yourself and give yourself a chance to fulfill your wishes. Whether its for foreign travel, a wedding or for studying abroad you can get a personal loan. It is a convenient way to lend money for your personal use as you can repay the loan with pocket-friendly installments. Here are some benefits of a Personal Loan
No limitation on end use
Unlike specific loans such as a home loan or car loan, a personal loan’s purpose is not limited. A personal loan is the easiest way to arrange funds for an urgent requirement.
Hassle free and quick disbursal
Getting a personal loan is a quick process if you have a good credit score and meet the eligible criteria. It is possible to get a personal loan in just 72 hours. Some banks also provide an online facility for the approval of loans.
Fixed personal loan interest rate
Personal loans are generally available on a fixed interest rate throughout the loan tenure. The fluctuations of the personal loan interest rate won’t affect you.
No collateral required
A personal loan is an unsecure loan. You don’t need to arrange any collateral.
The tenure of a personal loan goes upto seven years. You can choose a tenure which suits you best. If you select a longer tenure, the EMI will be lower.
Reasons You may need a personal loan
1. To pay for a wedding
A wedding can cost a fortune these days. Nonetheless, it is one of the most important days of one’s life. The financial stress adds to all the already existing chaos.
A personal loan can help in arranging big budget things such as venue, bridal dress or an engagement ring. Smaller expenses, including cake, photography or flowers, can also be taken care of smoothly.
2. Take a dream vacation
You only live once. Everybody dreams of having a luxurious foreign trip with their loved ones. But for a middle class person, it is quite challenging to arrange the amount required for such a vacation.
A personal loan is your gateway to the trip of your dreams. You can get the chance to explore the world by a personal loan. You will not regret your decision as memories are far more than money. Easy installments and fixed personal loan interest rate will help in the repayment conveniently.
3. Studying abroad
Applying for a personal loan is more accessible than an education loan. Education is an investment in itself. Getting a quality education for their children is every parent’s dream. Studying abroad is an expensive affair.
The documentation required is minimal, and the disbursal of the loan amount is quick. The entire process is hassle free.
Make Your Money Work for You
To make your most awaited phases of life even happier, reputable banks such as Axis bank offer personal loans instantly with minimal documentation. The personal loan interest rate from these banks usually range between 15.75% to 24% with tenure for more than 36 months. Thus, you may avail can get a personal loan between Rs. 50,000 to Rs. 15,00,000.
Moreover, personal loans are unsecure in nature and are available for both salaried and self-employed candidates. Banks today are providing instant personal loans as well to assist your general or personal expenses. A personal loan is a great way to lessen your burden and do the things you always wanted to.