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Personal loan as the name implies, is an unsecured loan that helps the person for any personal purpose from debt consolidation to medical expenses. Several lenders do not require collateral for a personal loan, but they secure themselves against risk by charging higher interest rates. If borrowers apply with the co-borrower then, it can help the person to get the lower interest rates. It also helps the consumer to get the large loan amount. Consumer can easily avail the Personal Loan at the reasonable rates and EMIs. Axis bank these days become the market leader in unsecured loan. They offer the best interest rates, affordable EMIs, less processing fee and large loan amount. Individual can take this loan for long term or short term. If a consumer chooses long term period then, consumer has to pay less EMI and large rate of interest. On the other hand, if a borrower chooses short tenure period then, borrower can pay large EMIs and large interest rates. Borrower can get the loan even if they have bad credit rating. Bank provides this loan on two rate of interest: Fixed Rates and Floating Rates. In fixed Interest Rates, rate of interest will remain same throughout the tenure period. On the other hand in floating rates, interest rates will vary according to the market fluctuation. Bank provides this loan in two ways: secured loan and unsecured loan. In secured loan borrower putting their property or asset as mortgage to the bank. In this interest rate is less as compare to the unsecured loan because bank takes the possession on the property if the borrower fails to repay the loan. Unsecured loan is the fastest way to get the loan. Consumers with clear credit rating can avail this loan. However, consumer has to pay high rate of interest for getting unsecured debt. Unsecured loan is safer than the secured loan, but unsecured plans come with high interest rates. If the borrower needs a loan of the large amount and wants the repayment option, then this loan is the best option for him or her. Borrower must do a detailed research on all lenders before applying for a loan. It helps the person to get the best deal and best rate of interest. Person should compare all lenders with their interest rates and choose the one that suits their requirements. Bank requires some documents to apply for a personal loan that includes employment proof, age proof, Identity proof, salary slips and bank statement. Person can apply online for this loan and fill the application form with related information. From axis bank person loan will be easily approved and get disbursed within 48 hours.
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