Download
1 / 6
70 likes | 223 Views
Know all about personal loan by reading this powerpoint presentation. Click to know more.<br>
E N D
A Personal loan is a type of unsecured loan that is offered by banks without any form of collateral • Applying for a personal loans require negligible documentation and the processing time is relatively faster as compared to other types of loans • Although the interest rates of personal loans are relatively higher, they continue to be a popular loan alternative among loan seekers because of the flexibility it offers • Personal loans are offered by banks as well as Non-Banking financial Institutions • The settlement time period of a personal loan is generally fixed and ranges between 1 to 5 years • The rate of interest of a personal loan depends upon factors such as customer's salary, loan amount, loan tenure and other criteria that varies from one lender to another
Why Do You Need A Personal Loan • Personal loans are an extremely convenient way to get large amount of funds without mortgaging your assets with the bank • When you are in urgent requirement of cash, you can rely on a personal loan, as they get approved within 48 hours of application • The funds that you obtain from a personal loan can be spent as and when you require, without providing any type of justification or proof to the bank • You can use personal loans to fund a variety of purposes such as foreign vacations, medical expenses, purchase of gold, expensive gadgets, home renovations etc.
How To Apply • You can apply online through the bank website by contacting the bank though phone • Personal loans can also be applied through email. • Certain banks also have the provision for E approval for loan eligibility • By filling in the required details in the online form, you can instantly check your personal loan eligibility
How To Choose The Best Personal Loan • Gather data from banks in your area and compare their offerings • Do not apply for loans in several banks and then choose one • Utilize online comparison websites to compare personal loans available in the market • Estimate the amount of EMI you will be able to afford • Compare the time period of the disbursal of loans for different banks • Equate the prepayment charges for different banks, if you intend to pay off your loan in lump sums • Do not opt for flat interest rates in loans as this turns out to be quite expensive in the long run • It is best to choose reducing balance interest rates, as it is will be less expensive • Pick short term loans because a shorter time period may result in you paying less as the total interest charges, despite the higher rate
