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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.
Sometimes, a single loan may not be adequate to meet a personal need, hence you might be thinking of applying for a new loan from another lender. Besides debating on whether it is right or not to go for a second loan, you must analyse the factors that constitute your eligibility in obtaining the second personal loan.
Many of us might want to make changes in our home in the form of enlarging their bedroom, carpentry work, new coat of paint or just get new furniture for the home. Most renovations will happen close to a family function when we expect a lot of guests or when the home is in a bad shape and renovations are a must. Many of the renovation activities are costly and discourage us from improving our homes. It is for this reason that people will take loans in the form of a home renovation loan or personal loan.
Though most builders or sellers will give you time to arrange for a home loan or any other way to pay the money in full, they will look for that commitment from the buyer. This down payment will not be a small amount which is to make sure the buyer commits to the deal.
A personal loan is an unsecured loan where the borrower does not have to pledge any security to obtain the loan. The funds can be used for various purposes like wedding, education, travel, medical emergency etc.
Unlike in the case of Government jobs where pension is available to the employees at the time of retirement, people working in private companies do not have such benefits unless they plan for it on their own. With today’s scenario being where most people have some form of debt eating away at their salary not many can save money should these people first pay off their debt and then start saving or try to save simultaneously.
When a financial emergency shoots up, a personal loan is the most popular option for many to get funds. With demands going up for this unsecured loan, it does not come cheap unlike other loans. The rate of interest is usually higher, and a real hard work is required to get the better terms.
This higher interest rate is because personal loans are unsecured loans and carry a lot of risk. Banks do not know if you have the capability to repay the loan and thus to mitigate the risk they fix a higher interest rate for personal loans. But as a borrower it will be difficult for you to pay the loans at such high interest rates each month as it will be a strain on their income, if you are looking for ways to reduce the interest rate, read on!
Do you have an ongoing personal loan? Do you want to finish it as soon as possible so that you’ve got one less debt to worry about?
A personal loan is a multi-purpose loan which can be used for any purpose deemed necessary by the borrower. It could be for paying children tuition fees, for marriage or for any medical emergencies, personal loan can be used for anything.
Personal loans are unsecured loans which is risky for banks and NBFCs. Due to this risk banks have become very stringent in offering loans and have many internal criteria which one needs to satisfy before any personal loan is approved.
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