Last week, Priya needed immediate cash as one of her family member was hospitalised. She was reluctant to ask for help from her friends and searching online for various financing options.
She came across Personal Loan facility, but the thought of lengthy documentation process was a strong deterring factor.
Like Priya do you too resistcredit facilities? Or you feel you do not earn enough to apply for a loan?
Then you must read this guide.
Because we will be talking about Personal Loans.
We will debunk your myths about personal loans and will unfold the real picture about personal loan.
Yes, everything you ever wanted to know about personal loans is covered under one roof. You can choose and read the chapter of your interest from the list below:
Chapter 1: What Is Personal Loan?
Personal Loan is unsecured loan advanced on the basis of your credit history and ability to re-pay the same from your personal income. It is also called as consumer loan. It is a multi-purpose loan which you can borrow to meet your immediate needs.
Do you wish to renovate your house? Or fix a car or need some funds for a holiday or your wedding? Then Personal Loan would be a reliable instrument to source some funds.
As personal is an unsecured loan, interest rate on personal loan is generally higher than home loan or car loan. Hence, you need to know your finances well in advance before you opt for one.
Chapter 2: When Can I Opt For Personal Loan?
Being a multi-purpose loan, there is no fixed time to apply for Personal Loan. Rather you can choose personal loan for almost every requirement.
Some of the reasons for applying for Personal loan are:
- Holiday/ Vacation financing
- To Finance Festive Celebrations or Needs
- Finance Weddings
- Build/ Renovate house
- Medical Emergency
- Refinancing The Home Loan
- To Fix A Car
- Financing Education
- Business Expansion
- Debt Consolidation and so on
Hence, personal loans are most preferred options for financing your immediate needs. Loan approval is quick and easy. Additionally, documentation required are minimum.