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All Rights Reserved.
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The Basics of Personal Loans
Personal Loans are unsecured loans taken by individuals from a bank or a non-banking financial company (NBFC) with the sole purpose of meeting their personal needs.
Personal Loans are unsecured loans taken by individuals from a bank or a non-banking financial company (NBFC) with the sole purpose of meeting their personal needs In this article, we will cover everything you need to be aware of if you are planning on opting for a Personal Loan or just want to educate yourself about it.
Because Personal Loans are essentially multi-purpose loans, there is no fixed time to apply for it. Rather, you can choose to go for a Personal Loan whenever you feel the need. Thats why it is one of the most commonly opted for methods of financing.
Based on our research, below are some common reasons to apply for a Personal Loan:
● No security or collateral
● Less documentation
● Quick loan disbursement
● Fixed rate of interest
● Flexible loan tenure
Expert Tip: Best is to opt for a lower tenure loan and save on the interest outlays.
● Easy EMI facility
● It is a multipurpose loan
Some of the driving forces that define your eligibility to apply for a personal loan are:
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
Personal Loan - Documents Required & Eligibility
How to apply for Personal Loan ?
Know the factors on which your personal loan eligibility depends,
The best way of using your personal loan,
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