A personal loan is an unsecured loan and can be applied for when one has a sudden financial emergency to meet but does not have enough funds in hand. There are many benefits for a personal loan. Some of them are:
1. Flexible end use
A personal loan can be used for any need that the individual has, including but not limited to a sudden medical emergency, planning a wedding, a trip abroad, renovating a house, etc. There are absolutely no restrictions on how the money can be used which makes it easy for the customer to utilise it for his/her personal needs.
2. No collateral needed
A personal loan is also known as an unsecured loan. This means that there is no need to provide an asset such as a property, gold, shares or money as collateral for the money that is given as the loan. This is a great loan opportunity for people who do not have any collateral to avail a secured loan.
3. No guarantor required
A personal loan does not require you to provide them with a person who will need to pay for your loan (a guarantor) if you cannot afford to repay. This helps exclude your near and dear ones from your debt and helps you take the sole responsibility for the repayment of the same.
4. Speedy disbursal
With the advent of technology, the time taken for the processing of a personal loan has reduced. You can even apply online with minimal documentation and get your personal loan instantly approved. If you have a pre-approved loan with the bank that you are a customer of, the funds are disbursed to your bank account in a matter of seconds or minutes.
5. High loan amounts
Personal loan amounts range from Rs.20,000 and can go up to Rs.40 lakhs in some banks. This is very beneficial for individuals who need a lot of money for a sudden financial need.
To apply for a personal loan, click here.