COMPARE BEST OFFERS OF PERSONAL LOAN ACROSS DIFFERENT BANKS
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Personal loan is an immediate finance provided by the lender to the borrower. Person can use this finance for any purpose without providing any explanation to the lender. Borrower can avail Personal Loan from any lending institution, private sector banks as well as from government sector banks. SomeInstitutionsprovide special offers to their regular customers like affordable interest rates, low processing fee, affordable EMIs and long tenure period.
Following are the features of lowest interest rates:
Credit score: Bank checks the credit history of the borrower, before approving the loan. If a person has a good credit rating then, a person can get the lowest interest rates. If a person has a poor credit score then, a person can get the highest interest rates. Online Comparison: Person should do a detailed research online to compare the interest rates of all lenders. It helps the borrower to choose the best lender that suits their requirements. A person can use various tools like EMI Calculator through which a person can calculate his / her EMI. Negotiate with the lender: In case consumer is already a customer of the lender then, chances of getting good discount on interest rates will be more. Co-borrower: If a borroweR&Rsquo;s credit rating is low then, borrower can merge the income of spouse/father/mother to increase the loan eligibility.
Types of Personal Loan
A personal loan can be defined in two forms:
Secured Loan: In a secured loan, person can pledge their property in the form of car/gold/assets as collateral to the bank. Rate of interest in secured loan is less as compare to the unsecured loan because there is less risk involved in it. Car Loan. Home Loan is the best example of secured loan which are available at low interest rates. Unsecured Loan: In unsecured loan, person does not need to pledge their property as collateral to the bank. Interest rates are high in unsecured loan because there is risk involved in it.
Key Features and Benefits of Personal Loan
Loan amount: upto 15 lacs Loan Tenure: varies up to 60 months Less documentation. Fast processing. Affordable EMIs.