For satisfying the intense desire; the person has to arrange funds, due to non availability of funds. In this situation, the personal loan plays a vital role, as it provides instant funds to meet the person desire. The best feature of the personal loan is that it is an unsecured loan, i.e. the person does not have to provide any collateral for availing the loan.
The person should look around for a personal loan before applying for the personal loan, so as to avail best personal loan deal. The person can get cost effective personal loan as many banks; financial institutions and NBFCs provide this loan. The person can look around for various lenders through internet. The person should choose that lender that provides minimum interest rate with higher loan amount and that too with the maximum loan tenure.
The eligibility of the loan amount depends upon the person?s net salary or take home salary.
The banks or financial institution consider only 40-50% of the net salary while calculating the loan amount. The person can pay the amount back through EMI. Since, it is an unsecured loan; therefore, the interest rate is high, as the risk of lending is high. Usually, bank charges from 14% to 25% interest rate. The banks provide this loan on the customer?s profile, i.e. upon customer creditability, income and repayment ability.The person can avail the loan amount from Rs.30000 up to Rs.15-20lacs for any purpose, but loan amount entirely depends upon the person profile.
The borrower can repay the loan amount in 12-60monthsdepending upon the loan agreement.The interest rate levy on the loan is not only the cost of availing the loan amount. The total cost of the loan comprises of interest rate, processing fee, additional charges (annual maintaining charges and account keeping fees) and penalties. The bank charges these charges either in the form of flat rate or the percentage of the loan amount. It significantly increases the entire cost of the personal loan.
The demand of personal loan has risen significantly, as the earning power of the consumer has risen, due to the increase in the income. The person can avail this loan for various purposes such as for travelling expenses, for initiating new business, for marriage of their sister or daughter, for children higher education, for purchasing a car, for purchasing of consumer durable goods, for paying off debts, etc.
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