Personal loans are one of the most popular forms of unsecured loans offered by financial institutions in the market today. These loans can be used for financial emergencies such as sudden medical emergencies, or for purposes like funding an expensive vacation, a new car, or home renovation. However, before you apply for a quick loans, you must know a few things in order to make an informed decision:
Difference Between Personal Loan & Other Loans: While normal loans are offered against some sort of collateral like the asset you’re purchasing, gold, fixed deposits or mutual funds, personal loans are unsecured loans that don’t require any collateral.
Interest Rates: The interest rates for personal loans are generally higher as they are unsecured loans and vary from lender to lender and depend on the borrower’s creditworthiness.
How To Apply For A Personal Loan: Thanks to digitisation, most financial institutions now offer online loan application along with doorstep documentation collection services, and process your loan application within 24 hours, allowing you to get the loan amount in your bank within a short time-period.
Things You Need To Consider Before Applying For A Personal Loan: Before you apply for a personal loan you need to check the loan interest rates, loan tenors, personal loan eligibility using an online calculator, processing fees and other charges, along with loan’s terms and conditions so as to make an informed decision and prevent any financial issues in the future
The Maximum Amount You Can Borrow: You can take an emergency loan from a financial institution like Bajaj Finserv for amounts up to Rs.25 lakh with flexible repayment tenors of up to 60 months to fund your emergency or other personal expenses without creating financial burden on your pocket or burning through your savings.
Now that you’re aware of the main aspects of unsecured personal loans, you can apply for a personal loan online spending on your needs and credit worthiness. You can avail of a pre-approved personal loan offer for you by visiting the website of Bajaj Finserv. The offers are usually available on other products as well, including credit cards and home loans. Check your offer by providing your name and contact details.
