Here’s What you Need to Know about Personal Loan Offers - Loan Trivia

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Thursday, 26 September 2019

Here’s What you Need to Know about Personal Loan Offers

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Do you know which is the easiest and the simplest of all loans available in the market today? Some of the people did not know about it. Most of the folk work in an MNC, earns a seven-figure salary and has a family. But they were unaware of the loan products available in the market. They had taken a home loan at the beginning of his career. It was a long, tedious process get it sanctioned. Naturally, he thought that personal loans involve the same kind of hassle. The H could not be more wrong. When he found out about the benefits of a personal loan from a friend, he promptly took one to go on vacation. 

Read on to know more about personal loans, interest rates, and the application process. If you plan to apply for a personal loan in the near future, it is best to be well-informed.
Must Read: Here are a Few Personal Loan Myths You Should Know About and Avoid

Benefits of a Personal Loan 

Loans Granted Quickly 

‘Easy’ is the word that defines a personal loan. One can easily check eligibility, apply online, and avail a loan. A personal loan usually involves quick approval or instant sanction. The money reaches the borrower’s account in the shortest time. 

No Collateral or Security 

This is an unsecured loan. You do not need any collateral. The lending terms are simple too. If the borrower’s income level and credit history are good, loan approval happens quickly. The borrower does not need to pledge any of his assets as security. 

Reasonable Rates of Interest 

The personal loan interest rate lies between 11.99% and 24%. Though the maximum interest rate is expensive, it is ideal for those with a bad credit score. Borrowers with a good credit history can avail a personal loan at lower interest rates. 

Considerable Loan Quantum 

One can avail of personal loans for an amount as high as Rs 25 lakh. This amount is enough to meet any sudden need. 

Multiple Uses 

You can use a personal loan for any personal or business need. You can take a vacation, like Raj did, or cover medical emergencies. You can pay for higher education abroad. You can even use it to meet the working capital requirements of your business. You name it and a personal loan would help you finance it. 

Other Offers 

You should shop around to zero in on the best personal loan offer.For instance, allows many pre-approved offers and deals. These make the personal loan experience beneficial for borrowers. 

How to Apply for a Personal Loan 


A personal loan has many benefits. There are great offers too. What is even better is that the process to apply for a personal loan is easy too. Here is how it is done: 
# The borrower can check their eligibility before applying online for the loan. 
# The next step is to apply online and submit the documents required. Usually, you need proof of income, employment, identity, and address. 
# On successful verification, the lender issues the loan. 

Raj soon paid off the loan he took for his vacation. He then took advantage of more personal loan offers. He made sure that his personal loan interest rate was affordable. And he chose to repay each loan in three years. If you too are looking for a source of finance, a personal loan is your answer. With the great offers and benefits bestowed, you could not ask for more.
Must Read: How to Get the Best Personal Loan Deal

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