Are you facing a cash crunch? Applying for a personal loan may be the best idea for you. Whether it’s a marriage expense or a travel expenditure, personal loans are ideal to meet your short-term financial needs. Also, with no requirement of a collateral or security, the documentation involved to get Personal Loan is far less as compared to other loans such as a home loan or car loan. The personal loan amount can range from Rs. 50,000 to Rs. 50 lakh.
Some benefits of a personal loan that makes them an attractive option for borrowers requiring urgent funds are
1. Multipurpose loan: Personal loans can be used for a variety of purposes such as paying off for marriage, medical expenses, renovating your house, supporting your child’s education, or even paying back an existing loan. Barring a few speculative purposes, there is no restriction on the end use of a personal loan.
2. No collateral required: You do not need to pledge, provide any security or collateral to get a personal loan.
3. Quick disbursal: If you meet the eligibility criteria and have a good credit score, you can get a personal loan in as quick as 24 to 72 hours. In fact, some of the banks also provide a pre-approved facility for their existing customers.
4. Hassle-free paperwork: Availing a personal loan requires minimal documentation. You are just required to submit your personal information, income information and employment information. Existing pre-approved applicants of banks are not even required to submit any documents in some cases.
6. Low-interest rates: Many banks and NBFCs offer personal loans at affordable interest rates to salaried individuals working with top and reputed corporate. Personal loans start at a minimum rate of 10.75% and can go up to 22% p.a. The interest rate usually depends on your eligibility and CIBIL score
7. Tax benefits: A personal loan can also yield tax benefits, depending on the end use it has been taken for. If you use the loan for construction, renovation of the house or making down payment for the house, you can avail the tax deduction of up to Rs. 2 lakh under Section 24B for the interesting part in a financial year. You can also get tax benefits if you use the personal loan for business purposes, subject to your ability to provide enough documents to show that the money has been utilized for that purpose only.
8. Fixed rate of interest: A personal loan comes with a fixed rate of interest which means you pay fixed EMIs during the tenure, without worrying about interest rate changes
Personal Loans can be your real companion in need with their unique and flexible features. Availing a personal loan is fairly easy for borrowers with a good credit score and a stable employment history. What makes these loans more attractive today is the option to compare, apply and avail these loans through online aggregators who bring the best deals to you on a platter and make the process of taking a loan much smoother and simpler.
Here are a few benefits of taking a personal loan through an online aggregator:
A comprehensive comparison of schemes: They give you a platform to compare the loan offers of various banks and also suggest the ones, best suited to your profile and requirements Customer reviews and feedbacks by previous successful personal loan applicants acts as a helpful tool for new applicants to get the best personal loan deal.
Calculators and tools: Various online Personal Loan calculators and tools such as EMI calculator and Eligibility calculators come in handy to estimate the loan amount you can be eligible for, calculate the EMI you need to pay every month on the borrowed loan amount, given the interest rates and chosen loan tenures. These calculators are free of cost and allow you to define your loan requirement more precisely, thus reducing your chances of loan rejection.
Instant e-approval and quick disbursal: Most of the aggregators run special schemes from their banks which include pre-approved loans or instant e-loans for borrowers of who meet the eligibility criteria for such schemes. Even otherwise, these aggregators are integrated with their partner banks on the technology platform, which allows them to process and coordinate your loan application with the banks on a real-time basis.
Superior customer service: These online aggregators run their customer desk service, wherein a dedicated loan advisor helps you to understand the complete process of availing a personal loan and clear all their doubts regarding eligibility, offers, procedures, documentation, and repayment options. Not only this, they even coordinate with the banks and follow up on your behalf. So, this makes them unique in the sense that their offerings are a blend of digital as well as personalized services for their customers.
Assured privacy: All personal loan applications submitted with online aggregators are sent electronically to the concerned bank department assuring complete privacy and transparency.
So with the help of online aggregators, your personal loan search becomes very easy, transparent and hassle-free. The best part is that with even with personalized and quick services, these loan providers do not charge any fees from their customers and even offer attractive cashback schemes.