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All Rights Reserved.
Aditya Birla Finance Limited
A personal loan is one of the types of loan which is multi-purpose in nature and can be availed without collateral. As much as it sounds interesting, a personal loan is ideal for individuals who are diligent and make timely repayments. A personal loan debt burden is the last thing anyone would want and can drag you for years.
Being an unsecured loan, lenders don't have collateral to fall back on in case of failure to repay the loan by the borrower. Thus, lenders have to rely on establishing the applicant's credentials before granting the loan. While personal loan attracts a high-interest rate, you can get it down if you know a few important tips.
If one goes by the rule book, there no limit on the number of personal loans one can take. In general, individuals take only a single personal loan, as managing them is quite a task. However, one can also find instances where borrowers have taken more than two loans in order to meet their respective finances. Let us have a brief look at the advantages and disadvantages.
That new car.The home renovation you have always wanted. That foreign trip you so longed for. All this can be made possible with a little help from your neighbourhood bank. A Personal Loan, like the name suggests, is an unsecured loan you take from the bank in order to fulfill a personal need. Now, whether it is to buy a new car or finance a vacation, that is totally up to you.
Most of us shriek at the thought of having to ask a bank for a loan. And it is pretty normal too. But, that is only because us, as a society, have been led to believe asking for financial help is a sign of weakness. Of not having your affairs in order. How wrong these notions are? When used wisely, loans can be your most trusted ally. And a Personal Loan, your best friend.
A personal loan is a type of loan that one can take if they are in need of some extra funds. For example, if you need quick medical treatment that may be expensive and is not covered in your health insurance, then instead of running from pillar to post to accumulate funds, you can apply for a personal loan in an emergency situation.
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.
There are times when you are confronted with sudden, large expenses and you might not have enough savings to meet them. That is when a personal loan comes handy. It can help cover these large expenses for you immediately in a very convenient manner. With minimal documentation and a quick approval process, taking a personal loan is quite easy these days.
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