|
There are times in an individual’s life when our problems overshadow the available money. In such a situation, the person usually prefers to borrow money from relatives and friends. But, there can be places when a person has no one to help. The Personal Loan is a good source to acquire cash to meet the short term requirements. It is a deal that is taken by the people to personal use. It can be used for paying medical bills, renovating the home, for a wedding, going for a vacation, purchasing a vehicle, paying debts etc. It is the best way to handle the major financial challenges of life without any hassle. There are many financial institutions that offer personal loan to the people at affordable interest rates. The applicant can choose any offer according the deals offered by them. IDBI Personal Loan is a scheme in the market which is available at lower interest rates with flexible repayment options. This scheme is offered to help people in times of need by IDBI Bank. There are many other options in the market and a person should compare the schemes to get the best deal. Usually a lender looks upon the credit rating and the income of the applicant before lending money. The minimum score required to qualify for a personal loan is 650. There are two types of personal loans available in the market : Secured and unsecured personal loan. Usually the personal loan is an unsecured loan but, there are a few lenders that offer secured personal loan. A secured loan is a scheme where the person has to provide a security to the lender to borrow money. The collateral can be anything like house, car etc. according to the capability of the applicant. It comes with low interest rates and better repayment options. If the applicant fails to repay the loan, then assets use to secure the loan comes under the authority of the lender. The lender can sell or put the assets for auction to recover its money. Unsecured personal loan is also known as a signature loan because obtaining this loan require only signing the loan agreements. The applicant does not have to provide any assets as security to the lender to borrow money. The applicant doesn’t have to worry about the assets in case of non-repayment of the loan. This scheme comes with high interest rates and tougher repayment options. It is the best deal for the people who need money but, does not have assets to put as collateral.
Related Articles -
personal loan, idbi personal loan,
| 
