subject: 5 Reasons Why You Should Opt For A Personal Loan In Case Of Financial Crisis? [print this page] It is difficult to say when a financial emergency might strike leaving you baffled about arranging funds. Emergency situations like wedding of your child, paying a loan, funds for business, medical treatment etc. can pose quite a problem when funds are inadequate. To provide for such personal and random needs banks and private finance companies offer consumers with a financial solution called Personal Loan. This loan is not just available for crisis situations but can also be availed to fulfil long cherished desires like a foreign vacation, home renovation etc.
The amount in which a personal loan can be availed for ranges between Rs. 50,000 Rs. 30lacs. The tenure in which the loan has to be repaid ranges from 1 to 5 years typically. Apart from getting this loan for any legitimate reason there are many advantages that it serves you. Five of them are as follows
Unsecured Loan
A personal loan is basically an unsecured loan. This means that you are not required to provide any collateral or security to get the loan. This is quite unlike a home loan or loan against property where producing a collateral becomes necessary. Hence this product is all the more easy to avail. The loan provider only assesses the borrowers capacity of loan repayment.
Available in minimum documentation
Being a hassle-free and unsecured loan the process entails very minimum documentation. This reduces the procedures you need to go through. The other loans in the market necessitate that the borrower provides a number of documents making the process tedious. Requirement of basic documentation is the major reason why personal loans are fast in getting processed.
No specific reason required
Personal loans are not just available to fulfil needs as stipulated in a particular category. They can be availed for a variety of reasons as long as they are legitimate. The provider only conducts a background check to confirm if you are capable of paying off the EMIs on time.
Easy and quick availability
The process of availing personal loans is quick and easy as it is an unsecured loan. This factor rules out the long processes that are necessary for the other loans. As you are not required to produce many documents the verification process is cut down, saving you precious time. These factors make availing personal loan a faster process as compared to the other kind of loans.
Much affordable as compared to a credit card
Availing a personal loan is much more convenient than borrowing money on your credit card. This option also works for those who have a huge outstanding amount on their credit card wherein the accumulated interest is difficult to pay off. A personal loan works as a much viable option in such circumstances. You can also borrow money on a less interest rate and pay off the outstanding on the credit card.
An important thing to keep in mind while availing a personal loan is to read the terms and conditions of the loan plan well. Make sure to check any foreclosure charges, service charges and any other hidden charges. This saves you from unpleasant surprises later.
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