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Financial food for thought
A personal loan is an unsecured loan taken by individuals from a bank or a non-banking financial company (NBFC) to meet their personal needs. It is provided on the basis of key criteria such as income level, credit and employment history, repayment capacity, etc.
Ahead of festive seasons, it is impossible to avoid the advertisements from lenders, offering loans for shopping and various other needs. Many await this opportunity to grab the best offer to buy a home, car, jewels, etc.at low interest rates.
Not many realise the importance of repaying debts taken from banks, NBFCs or online lenders. It’s the primary responsibility of the borrower to make the repayment on-time. Failure to do so can result in barring you from availing any future loans when you need them the most.
A personal loan is an unsecured loan that is quite popular among the borrowers. While the personal loans are availed for varied purposes, the eligibility criteria to get the personal loan generally remain the same.
A personal loan is a popular loan option among all other loans as you can get the funds without any security. As the risks are higher for the lender in a personal loan, the interest rates are also higher. As a result, many feel it a burden to manage along with the monthly expenses. A huge sum of money is paid towards interest to the lender.
Multiple debts can sometimes cause you distress. You may yearn to get out of it as soon as possible. Debt consolidation is a great financial option that can merge multiple credit card bills and loans. This method is very effective especially when you have higher interest loans and credit card debts.
Credit is a wonderful mechanism that can allow you to do and possess assets much beyond your normal means. Understanding the evolving needs of the customers, banks and financial institutions have come up with various modifications to the way the credit is packaged and made it more amenable to the customer.
As humans, we have various needs and wants. Availability of credit is a great bonus that helps you in achieving those needs or wants much beyond what your income or savings can support. Moreover, comparable to varied needs is the availability of various types of credit, each one tailored to cater to a purpose.
A Personal loan is a flexible option to fulfil your personal needs when you are in a financial crunch. They should be borrowed for emergency fund requirements. Lenders are coming up with a variety of workable options within personal loans to make them easily accessible for the customers. You can apply for a personal loan either online or in person. But the key point is: how smartly and carefully you choose to approach a lender for a personal loan.
Time and again we have encountered situations where the defence personnel of our nation have left no stones unturned to keep our nation safe. And not to mention the hardships that they have to face due to their line of work and the conditions that they operate in. They also end up spending a lot of time away from their family.
Entrepreneurship is the buzz word of late. Having seen runaway success of many home-grown companies like Flipkart, PayTM, Zomato and BookMyShow, many individuals look forward to tread the path of entrepreneurship. Though ideas may be in abundance, every enterprise requires funds to move on and grow.
Loans or any form of credit has become an important part of our modern day life. People have moved over the attitude of fear and reluctance towards credit and are going in for more loans for meeting their needs. Loans, especially personal loans, can help you meet a variety of your needs right from catering to a personal emergency situation to planning a wedding or holiday, buying that latest gadget in the market, for house renovation, or just about anything.
Personal loans are one of the easier forms of loans that can be availed without much documentation and within a shorter processing time. Moreover, personal loans are not bound by a particular purpose like other secured loans. Any other loan like a home loan or a vehicle loan can only be availed for that particular purpose and in addition, the asset purchased out of the loan needs to be hypothecated or pledged with the lender till the loan is cleared off.
A business is established on the premises of the owner seeing value in his/ her idea and expecting growth of the same. To ensure growth of the business, there is need for funds, which could come either from the owner’s pocket or from an external agency.
Personal Loans have become quite popular in the recent times due to the ease of their availability. In addition, they do not even call for the need of collateral, thereby making them borrowers’ first choice when in need of immediate credit. The documentation required with personal loan is also minimal that entails the basic personal and income proof documents with photographs.
To cater to the needs of consumers, credit is available in a variety of ways nowadays, but it often comes with many preset conditions of minimum income level, credit score, etc. There are many people who fall on the lower end of the income spectrum. All these people need may be a small ticket loan, but such individuals often find it difficult to secure credit from traditional sources of lenders, such as banks, as they do not meet the stringent conditions of income.
Personal Loan is an unsecured credit and one of the easiest loans to apply. It does not need exhaustive documentation like Home loans. Moreover, personal loans can be put to use to meet any need, like taking a vacation abroad, meeting a medical emergency, as a down-payment for a home loan, or even for a wedding. The terms and conditions of a personal loan are also easier and simpler to understand.
Kannan’s wedding was fast approaching. His hard-earned savings wasn’t sufficient to cover all the expenses of his wedding preparations. Having no time to think of the best way to gather money, he applied for a personal loan in a hurry. Being the first-time borrower, the lender agreed to sanction him a loan at an interest rate of 17%, which he immediately accepted it due to the circumstances.
A personal loan could be utilized for a host of reasons like a medical emergency, an unplanned vacation, funding a down payment for a bigger asset , buying a gadget or anything at all. This is the only loan which requires no collateral and the usage could be for any purpose.
If you are planning to take a personal loan for your marriage or taking a vacation or paying for home down payment and any other reason, then this article will be of immense help to you before you avail the loan. A personal loan as you can see is a multipurpose loan that can be used for any purpose and is very useful during a cash crunch. It is one loan for all your needs.
Cash crunch is a problem that you can come across at any given point in time. Most of the times, such scarcity of the required amount of money makes people unable to achieve specific targets in the form of buying a house or a car, pursuing higher education, making some purchases or meeting some immediate financial requirements.
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