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A Personal Loan is a loan which is offered to the people who do not want or have any valuable asset to put on stake. It is a loan that does not require any security like a house or a car to secure the loan. The borrower can use this loan for a variety of purposes like going for a vacation, paying debts, paying medical or electricity bills, higher studies, purchasing a new vehicle and so on. It is the best way to handle all financial problems of life. Today there are various firms and banks that offer Personal Loan to the people at an attractive rate of interest. The major banks in India that offer personal loan are HDFC, SBI, PNB, Fullerton, Citibank and many more. There are also many financial companies like Muthoot Finance that offer personal loan to the people at reasonable interest rates. Moreover, the person can apply for a Personal Loan online. It just requires visiting the lender’s website and filling a short application form. The lender may response the customer in next 48 hours. So, there is no need to move out of the house to avail a personal loan. As there are various lending institutions that offer personal loan, the applicant may get confused to get the best one. The person should check the deals offered by various lenders in the market. There are several factors that need consideration like rate of interest, tenure of the loan, repayment options, hidden charges, processing fees, paperwork required, cosigner or a guarantor, customer reviews and many more. This can help a person to get the best Loan that suits the budget of the person. To qualify for a personal loan, a person should have a good income and high credit score. A person who earns nothing cannot avail this loan. The rate of interest is the major factor that a person looks upon. As a personal loan is an unsecured loan, the lender has no security to authenticate in case of non repayment of the loan. It is the major factor that leads to the high interest rates charged on a personal loan. Although the rate of interest is high, but it is a suitable option for the people who could not qualify for a secured loan. The people who do not possess any precious commodity or who do not want to risk their valuable assets can easily avail this loan. Conclusion: Today, it is very difficult to meet all personal requirements of life on a limited income. A personal loan is an offer that provides money to the people for personal use without demanding any collateral.
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personal loan, personal loan interest rates,
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