The Definitive Guide To Personal Loans in India

What is a personal loan?

A personal loan is one type of unsecured loan which helps you fulfil your emergency needs. The differentiation of this type of loan from other loans is that there is no requirement of collateral or security for availing this loan. The rates of interest in this type of loan are comparatively higher than the other types. Like with any other type of loan, you will need to repay personal loans in accordance to the terms of the bank. The repayment option of this type of loan provides you a time period ranging from a few months to a few years.

What is a Personal Loan used for?

There’s so much that you can do with the funds received through personal loans. You can support your children’s education. You can attend to a medical emergency in the family. You can cover the expenses for a wedding in the family. You can do a lot with funds from your personal loan.

What is the procedure for loan application for a personal loan?

The procedure for loan application for a personal loan is similar to that of other types of loans. You need to submit the necessary documents like your ID card, bank details and other documents. The bank or financial entity will then check your worthiness and offer you the loan after the final approval. The fund received as loan is then transferred to your bank account. As simple as that.

Once you have the loan amount in your bank account, you can use this amount any way you want. However, we recommend that you do not use personal loan amounts for stock investments or for purchasing properties and luxury items.

How to get urgent cash loan?

If you have a smartphone, getting urgent cash loan is really simple. You just need to download a Fintech app of your choice and follow the procedure for applying for personal loan. The process of loan application on these apps is really simple. You can apply and submit your documents anywhere from your smartphone. There is no requirement to visit any bank personnel during this procedure. It’s really simple and fast. These apps really make getting instant cash loan a simple and reliable procedure.

What are the repayment options for the loan amount?

The loan amount of personal loans can be repaid in equated monthly installments (EMIs). The EMI amount depends on the company, the loan amount, the time period and the interest rate.

That was all about personal loans in India and how you can avail one for yourself. Hope you found this post helpful and informative. If you have any queries or suggestions related to this post, please let us know about it in the comment section below. Also, if you want to know more about personal loans in India, feel free to contact us. We will be glad to help you out.

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