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Today, there are many types of loans offered in the market, and before you go to any bank or firm, it is better to know that which type of loan suits you the best. If you are planning to go for a vacation with family and lacks fund, then a personal loan is the best offer to opt for. There are many banks and financial institutions that offer personal loan to the people at affordable rates. However before getting into the deal of personal loan, you should know that what is a personal loan and where can you apply for it. What Is A Personal Loan? Personal Loan is the money that you borrow from a lender for your private use. It is a scheme that can be used for any purpose whatever you want. There are cases when you don’t have to mention the intention to apply for a loan. The money can be used for a variety of needs like paying medical/electricity bills, for education and debt, home repairs, vacation etc. A Personal Loan is a short term loan and is the best scheme for short term needs. It is because a personal loan has a repayment period less than the other loans offered in the market. Where Can You Apply For A Personal Loan? There are many banks and financial organizations that offer personal loan to the people at affordable rates. There are several schemes offered in the market, and you can choose any deal according to the requirement. The Axis bank Personal Loan scheme is the best loan scheme in the market. It is offered by Axis bank at affordable interest rates with flexible repayment options. You should obtain information regarding the deals offered in the market. It is necessary to compare the offers as it is the only way through which you get the best offer. How Much Personal Loan Can You Apply For? The money that you can lend through a personal loan depends on your financial situation, credit score and the lender you approach. Usually the lenders put no upper limit on the amount that you can borrow through this deal. The minimum amount that you can borrow through this deal is 50000 and the maximum amount may range up to 1 Crore. It all depends on your capability that you can afford to repay at the given time. What is the basic requirement to qualify for a personal loan? To qualify for a personal loan, the applicant should have a stable job or business and good credit score. The credit score is the most crucial factor that plays an important role in the approval of the loan. The minimum credit score required to qualify for a loan is 650. The credit score is the main factor that you should check before approaching any lender.
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