You might have been planning for a long time to buy that fancy car, renovate your home or make a tour to Europe but was unable to succeed with the same due to unavailability of a lump sum amount to finance the same. The problem is being faced by every salaried or business class Individual, since funds inflow is either uncertain or if they are fixed in case of salaried people, they have to be saved for a good period of time to sum up to the amount required for any such personal purposes. Here comes a very flexible and modernly crafted Financial product i.e., Personal Loan. Before you go and avail the same there are certain points you can consider which will ensure and make you believe you are on right path and making a smart decision:
1. No Need for Security- Personal Loan does not call for pledging any property as security for availing loan. It is generally granted on basis of Your CIBIL score which should be good or at least satisfactory. Your previous credit records, repayment history, dealing with banks, your Income and Salary are few factors which are considered while granting personal loan and thus saves you’re from losing out your rights attached with properties.
2. Simple Process- The easy and Hassle free loan availing procedure make it a viable option for prospective borrowers. Most of the lending Institutions these days operate online and have made all working Internet friendly. You can just click one time on ‘ APPLY ’ and upload all the necessary documents and if all goes as per their eligibility criteria; you get the loan amount in your account transferred automatically within few hours.
3. Flexible Repayment Schedule- Personal Loan comes with various added advantages which can make it an apt choice. One of the pros is flexible repayment schedule, yes you have a say in deciding when and how you want to repay the amount, and you can take that decision after considering your income and duration between cash flows. Thus personal loan definitely take care of your finance inflow picture in mind while deciding tenure and numbers of EMI’s.
4. Free to use Amount- There is no such condition as to disclose the purpose for which you are availing the said loan. So you have complete autonomy to decide where you want to spend and there it is a better choice where your loan requirement purpose does not fit into traditionally available financial products
5. No Territorial Limit- Personal Loan have no such clause pertaining the amount borrowed must be used domestically in the country it has been availed, which makes it a better choice if you need funds to be used somewhere outside in other international territory.Loan