Desire of human beings never stops; it is like flowing river unstoppable. The amount granted by an institute for personal, medical, family and the repairs of the house, purchasing electronic items like computer, air-conditioner, fridge, for business and household use is known as the Personal loans.
Various kinds of loans are offered by institutes in India; however the Personal Loans is having an increase in the demand. Personal loans are not easy to obtain and comes with various restrictions.
Many companies are setting up base in India, targeting people from middle class, upper middle class to take up personal loans. Personal loans are ideal for weddings, higher education, expensive holiday, foreign tours/travels, medical emergency, and renovation of house, vacation tour, religious tours and others.
Nobody gives money without any pre-conditions. Personal loan is no different. Document required in order to take up the personal loans are given below as follows:
The major document required for the self-employed professionals are as under:
Some of the advantages of the personal loans are given below as follows:
Benefits From Taxes: A good personal loan will play vital role in giving you major benefits from taxes. You can avail tax deduction up-till INR 2.5 Lakhs.
Rate Of Interest: Rate of interest for taking up the persona loan is very fixed. Hence the monthly instalment, paid is also very fixed.
Flexibility To Choose Tenure: Great flexibility in choosing your tenure, suiting the customer. So, once a loan is offered to you, you can select the loan suiting you the best.
No limitations: Personal loan is like the home loans and can be used for any purposes. No limits are there, for the use of personal loans.
No Securities Required: Personal loans does not require any kind of securities. Since it is an unsecured loan, it is very easily obtainable and people like to go in for them.
Fast Processing: If you have a good credit history and satisfy all the eligibility criterions, then one can get the personal loans within 72 hours.
Good Schemes: Most of the banks/financial institutions announce special schemes for Doctors, Chartered Accountants.
Unsecured Loans: Most of the personal loans are said to be unsecured and depends on ability to pay money. After knowing, one’s financial ability to pay, they process your loan.
Some of the disadvantages of the personal loans are given below as follows:
Not Good Credit History: Many people in India do not have good credit history. This affects your claim towards getting personal loan.
Bank Account: A bank account is vital to get a good personal loan. Otherwise it gets cancelled.
Difference In Eligibility: Eligibility criterion changes from one bank to another. Hence one gets confused regarding eligibility criterions.
So please do a bit of research in order to get good personal loans. Go for the loan, with reasonable interest rates to strike a good balance.
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