Index Of The Blog
Best Personal Loan
According to The Economic Times, India’s household debt has almost doubled between the years 2017 and 2018. Personal loans alone increased from 3.61% to 6.90% of credits borrowed from various financial institutions. However, even with an increase in the propensity of borrowing among individuals, most borrowers do not maximise the benefits they can receive from the advance. Best Personal Loan
To avail maximum benefits from the borrowed credits and to choose the best personal loan, you should look through the various features and advantages offered by the financial institution.
Why should you avail a personal loan?
There are several reasons to avail personal loan. For instance,
- Personal loans are all-purpose advances. You can avail one to fulfil any of your requirements without any usage restrictions.
- You don’t have to pledge collateral to avail the benefits of the advance.
- You can consolidate all your existing smaller debts into a single larger one with a personal loan and manage your debts efficiently.
Features to look for before availing the advance
Personal loans are advances without end-use restrictions that can be utilised to cover numerous expenses ranging from emergency medical costs, wedding and travel expenses, etc.
Following are a few features and benefits that you should check to ensure that you can maximise the benefits you avail from the plan
- A high loan amount value– Top financial institutions offer a loan value of up to Rs. 25 Lakh that can help you to cover numerous expenses, including wedding expenses, travel costs, home renovation costs, education expenses, etc.
- Instant approval and disbursal facilities– With renowned financial institutions, you can avail instant approval facilities where you can get your application approved in less than 5 minutes of applying. After your loan is approved, you can access the funds within 24 hours.
- Look for competitive interest rates– Compare the interest rates offered by different financial institutions in the market and choose the best personal loan to fulfil your needs.
- Easy documentation process– Look for financial institutions with an easy application process for the advance. There are financial institutions where you can avail the advance by satisfying a few basic personal loan eligibility criteria and submitting the necessary documents.
- Flexibility in tenor– A flexible loan repayment tenor ensures that you can choose the loan term according to your repayment capabilities. Some financial institutions offer a repayment tenor ranging between 12 months and 60 months for a personal loan.
- No hidden charges– One of the most crucial aspects to check before borrowing is that the level of transparency maintained by your financial institution while sanctioning loans. Make sure you understand the terms for availing the advance, and there are no hidden charges levied later on.
Apart from these, look for financial institutions who provide the benefits of online loan management. The online account will streamline functions like managing your loan EMIs, checking repayment schedules and statement of account, loan prepayment, etc.
Thus, if you check the above features and benefits before availing the advance, you can ensure that you avail the best personal loan in the market. However, before applying for the advance, make sure that you comply with all the required eligibility criteria and have the necessary documents to ensure that the process of availing it is hassle-free. A personal loan can not only help you meet emergency financial liabilities, but you can also enjoy tax benefits with it.
Also Know: Use Home Loan App To Get An Instant Loan Approval
