|
Personal Loan is a type of unsecured debt where a person gets the money to cater any of the personal needs like home renovation, marriage, for buying vehicle, home appliances etc. It is a scheme that is given to the customer after investigating the ability to pay, particularly the income and the credit history of the applicant. The lender may charge some processing fee, and the required amount is transferred to the applicant’s account. The loan is returned through fixed installments including the rate of interest for a fixed period of time. This scheme is free from the hassle of paperwork and formalities. Personal Loan is a handy option for the people who need money to tackle the financial problems of life. Today, there are the majority of banks and firms that provide personal loan to the people at affordable rates. The person is free to choose any offer according to the requirement. ICICI Personal Loan is the best scheme in the market which is available at the lowest interest rates. It is a scheme offered by ICICI Bank at cheapest rates in India. There are many other options too, and the person should check and compare the deals offered in the market. There are many factors that a person should look upon like: 1. The rate of interest 2. Loan amount 3. Tenure of loan 4. Hidden charges 5. Repayment options 6. Penalties 7. Documents required etc. The Personal Loan scheme comes with many advantages. These are described as follows: 1. Easily Available: Getting a Personal Loan is a very easy task. It is offered at affordable rates almost every bank and financial institution. It is a very simple and safe loan scheme in the market as compared to the other types of loan. 2. Unsecured Loan: Personal Loan is an unsecured loan and requires no security to be placed as collateral. There is no need to place any assets as collateral to the lender to borrow money. 3. Less Processing time. As it requires no security so, the processing time is quite low, and the applicant gets the money as soon as possible. 4. All purpose loan : It is a multi-purpose loan scheme that can be used for any purpose without any hassle. There are a few lenders that offer the loan without having to mention the intention to take the loan. 5. Amount and tenure: The person can borrow an amount from 50,000 to 1 crore. The applicant is given a period from 5 to 7 years to return this amount to the lender. The applicant should repay the loan in the provided term to stay away from legal issues.
Related Articles -
icici personal loan, personal loan,
| 
