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Financial search... Simplified |
Today, people can take
a loan for various purposes. Most of the loans are taken for several purposes
such as go for a vacation, buying a property, for getting an education, for
buying home appliances and for medical. Another loan is gold loans, which
people can take a loan against gold. Personal loan is an unsecured loan which
does not come under any of these categories.
Now days, person does
not have enough funds to buy everything especially for salaried persons.
Salaried persons earned limited salary, and it is extremely difficult to manage
all expenses in the limited salary. Personal loans help those people to take a
loan and fulfill their all dreams. Several banks in India provide loans at the
best rates. Today, personal loans provided by several banks, non bank financial
institutions, private finance companies and many more.
Personal loan is of two
types’ secured loan and unsecured loan. In Secured loan is a loan in which
person need to deposit their property or any assets as collateral to the bank.
Rate of interest on this loan will be less. Unsecured loan is a loan in which
person does not give any security as collateral to the bank. Interest rate on
unsecured loan will be higher than secured loan. Person can take personal loan
range from Rs 20, 000 to Rs 20, 00, 000. Person can repay the loan in EMIs.
Rate of interest is
depending upon the amount of loan. Bank also checks the credit history of the
person, before approving the personal loan. Person having decent credit score
can take a loan at the best rates. Person having poor credit score can take a
loan at the highest interest rates. Banks vary from their interest rates and
processing fee. Person can take a loan from banks rather than other private
institutions because of their higher interest
rates.
Person can do a
research online on various lenders and compare their interest rates. In this
way, person knows the interest rate which is currently running in the market.
Person can also apply online. In this, person needs to fill the form with
relevant information. Form will then go for further verification. Person can
also submit their all relevant documents with zero mistakes. Once verification
completed banks approve your loan and money gets disbursed into your account.
Interest rates charged by banks can range from 14% to 18% per annum. Bank also checks the repaying
capacity of the person.
