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Are you yearning to purchase your favorite laptop or planning to go on a vacation with your spouse? Do not let your dreams suffer if you do not have sufficient amount of funds. Personal loan is indeed a good option to avail money instantly for all the personal requirements. Personal finance is the most convenient and reliable loan option to mitigate all the personal needs. Personal debt provides financial support to the person who s lacking with some funds and needs money urgently. Various banks and NBFC’s offer personal debt at affordable interest rates. IDBI Personal Loan is the suitable loan option to cater all the basic necessities of life. Before availing, this scheme one must be aware about all the fundamentals of personal loan. Personal debt is unsecured: Personal loan is an unsecured debt which can be availed without offering any asset to the bank. Thus, you are not at any risk because if you default there is not any chance of repossession. This is the reason for availability of the personal debt at high Personal Loan Rates. Unsecured Debt is basically structured to fulfill all the short term needs. What are the various interest rates available? Unsecured debt is available at varied interest rates that vary from bank to bank. Interest rates are categorized into two forms: 1)Fixed Interest Rate: In fixed interest rate, the interest rate remains fixed for the whole tenure period. This is the most beneficial option as the applicant will have to pay all the loan payment for a specified time. 2)Variable interest rate: These interest rates fluctuate as the interest rate changes with time in the loan market. What is the loan tenure and loan amount available for personal debt? Any individual looking for a personal loan can avail personal debt ranging between 50,000 and 20 Lacs according to his / her loan requirement. A person can easily repay the loan amount within tenure period of 12-60 months. Unsecured debt allows a person to make monthly repayments in the form of Equated Monthly Installments (EMI). How to apply for a personal loan? Banks easily grant the loan to people with credit score. Now you must be wondering what is credit score. CIBIL score or credit rating is the numerical figure which symbolizes the credit worthiness of the person. Any person with minimum CIBIL Score of 700 can easily avail personal debt at low personal loan rates. Even an individual earning minimum salary of 15,000 can avail unsecured debt at low interest rates. Hence, you should avail personal debt wisely when you need money urgently and do not have another fiscal source.
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