By Admin 
Life never waits for the right time. Often when we have less savings, suddenly an opportunity arises to plan a trip, get treatment, get the house repaired, or fulfill an age-old dream. On such occasions, personal loan becomes a useful and convenient option to help you. The process of applying for a personal loan is simple and can be used to meet a variety of needs, saving your savings and getting your work done.
Giving every small and big information related to personal loan, here we have explained its main benefits, eligibility and interest rates of personal loan in very simple language. Then you will be able to decide whether this will help you in your financial planning or not.
What is personal loan?
personal loan There is a type of unsecured loan, which you can use to meet almost every need. Unlike a home loan or car loan, it does not require any collateral. For this reason, employed people, self-employed people and people taking loans for the first time
Like this the most.
Financial institutions like Bajaj Finance offer personal loans digitally with an easy application process, instant approval and convenient loan repayment options. Whether you need money for travel, education, medical expenses, or to pay off old debts in one go, a personal loan lets you avail the loan as per your convenience.
Get freedom to spend.
Main benefits of personal loan
People take personal loans because they can be used to meet a variety of needs. Some of its best benefits are explained below.
- no collateral required
Personal loans are unsecured, so you do not need to pledge any valuables like property or gold to avail the loan. This reduces the risk and takes much less time to get approval.
- Facility to get instant money
If you meet the loan eligibility criteria, you can get the loan amount from lending institutions like Bajaj Finance in a very short time, sometimes within 24 hours*. This facility is very useful in times of trouble.
- No restrictions on use
From planning a holiday to managing wedding expenses, a personal loan comes in handy for all your needs.
- Easy loan repayment options
Generally, a convenient tenure for repaying a personal loan is available, which often ranges from 12 months to 96 months. You can choose the loan repayment plan according to your monthly budget.
- Facility to predict EMIs
If EMIs are decided in advance, it becomes easier to manage the monthly expenses. You know how much amount has to be paid every month, so that you can plan better.
Requirements to get a personal loan
Whether you will get a personal loan or not depends on factors like your income, age, type of employment and credit profile. Although the terms and conditions may vary between different lending institutions, some common requirements are mentioned below.
The essential conditions for availing a personal loan are as follows:
- Nationality: Indian
- Age: 21 years to 80 years*
- Job: Government, Private or MNC
- CIBIL Score: 650 or above
- Customer Profile: Self Employed or Employed
* Your age should be 80 years or less on completion of the loan tenure.
Understanding Personal Loan Interest Rates
What will be the total cost of your loan, including Personal Loan Interest Rate Has the most important role. The interest rates depend on factors like your credit score, your salary, your permanent job and pre-existing liabilities.
Customers with a good credit profile generally get personal loans at lower interest rates, while interest rates may be slightly higher for those with limited credit history or a higher risk profile. When comparing different options, it is important to consider other factors besides the interest rate.
While taking a loan, consider the total cost, which includes processing fees, prepayment charges and convenience in repaying the loan. Bajaj Finance does not hide anything about the fees and charges, which helps the loan borrower to understand the cost in advance.
How much personal loan can you get?
The loan amount depends on your income, credit score and ability to repay the loan. Most of the loan giving institutions offer personal loans ranging from small amounts to high amounts depending on the eligibility of the customer. With Bajaj Finance, loan customers can avail a personal loan designed as per their income and needs. With the help of online EMI calculator, you can estimate your monthly installment even before applying, thus making financial planning easier.
Things to keep in mind before applying
Before taking any personal loan, it is wise to carefully consider your financial situation. Ask yourself:
- Do I really need a loan now?
- Will I be able to comfortably pay the EMI every month?
- Am I getting a personal loan at a better interest rate?
If you take a personal loan wisely, it will help you fulfill your dreams in the long run without putting a burden on your financial condition.
Why choose Bajaj Finance for Personal Loan?
Bajaj Finance takes care of customer convenience with instant approval, minimal paperwork and convenient loan repayment options. Here it is so easy to apply for a loan through digital medium that even first time borrowers can apply easily. With clear terms and customer benefits, Bajaj Finance keeps you informed at every step of your loan journey.
finally important thing
If you use personal loan wisely, it becomes the best option to meet your financial needs. With flexible terms, easy access and pre-fixed loan repayment installments, it is perfect for a variety of needs. By understanding the loan eligibility conditions and comparing personal loan interest rates, you can confidently make an informed decision.
Whether you are planning for the future or need money due to a sudden emergency, you can move ahead with ease and peace of mind by availing the right personal loan from a trusted lender like Bajaj Finance.
* terms and Conditions apply
[Disclaimer: यह एक स्पॉनसर्ड आर्टिकल है. ABP नेटवर्क प्राइवेट लिमिटेड या ABP लाइव किसी भी प्रकार से इस लेख/विज्ञापन की सामग्री या इसमें व्यक्त विचारों का समर्थन या अनुमोदन नहीं करता है. पाठकों को अपने विवेक का इस्तेमाल करने की सलाह दी जाती है.]