It is not uncommon to be in circumstances that require money on an urgent basis. The reason could be varied, it could be down payment for a vehicle, paying for medical expenses, school fees, planning a vacation or even your upcoming marriage, etc. The common man may not always have liquid cash as most of their money is invested in various assets. In such scenarios, personal loans come into play.
Personal loans are available from Rs. 10,000 to 10 lakhs and the usage of the depends entirely on the borrower. Personal loans are given without any collateral or guarantor making the process relatively easier. The repayment period ranges between 1 to 5 years and the application for a loan is normally granted on the basis of a good credit score. Personal loan with low credit score can also be possible in some cases.
Applying for a personal loan is not only easy but is also quick in terms of application approvals. With Leading Non-Banking Financial Companies (NBFCs) like Finserv MARKETS, your personal loan application requires minimal documentation and can be approved within just 3 minutes and the amount can be credited to your bank account within 24 hours!
Parameters to decide the Interest Rate of Personal Loan
- Employment type – Salaried or Self-Employment
- Monthly Income
- Stability of employment
- EMI of any existing loan
- Credit history of any past loan
- Place of residence and duration
A personal loan, however, is known to have higher interest as compared to other loans in the market. The interest rate also depends on the profile of the applicant and the documents you provide for verification. After the loan has been sanctioned a cheque is provided by the lender and against which the borrower needs to give post-dated cheques towards the loan repayment to the lender. Apart from the interest charge there are other charges that are also involved during the tenure of the loan.
Other Charges of Personal Loan:
- Processing fee
- Pre-payment fee (if any)
- Late payment charge (if applicable)
- Cheque Bounce Penalty (if any)
- Documentation Charges
- Duplicate Statement Fee (If any)
- Financial Fitness Report
As mentioned earlier, personal loans help you when you are in dire need of cash but they also come with high interest rates and other small charges. So, before you agree to their term and condition, go through the loan statement and documents carefully.
Now that you know everything about Personal Loan and how they can help you in times of need, go ahead and apply for a personal loan with Finserv MARKETS, today! What’s more? You get a host of other benefits and the entire process can be done right from the comfort of your home!
“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”