It is very hard for a person to arrange money in difficult times. The only solution to this problem is applying for a Personal Loan. It is offered in two forms i.e. secured and unsecured and covers all the expenses like buying a vehicle, education expenses, medical expenses, going for a trip and personal expenses etc. It is the best deal to handle all financial problems of life at cheap interest rates. There are also ways to apply online for a personal loan. This loan is based upon the credit score and the repayment capability of the person. Searching for a cheap personal loan can be a difficult and a time consuming task. But nowadays there are lots of banks and companies has entered the business of personal loan. It has become very easy for a person to get a personal loan. The Axis Bank Personal Loan is an example of an offer which is available at affordable interest rates. There are volumes of schemes offered in the market. The person can choose any offer according to its reputation in the market. There are many factors that a person should look upon like interest rates, penalty charges, repayment options, customer reviews, processing fees, and many more. The person should always prefer a deal which is offered at low interest rates. Rate of interest: Personal Loan is offered at two rates i.e. fixed and floating. In fixed interest rates, the rate of interest remains fixed throughout the term of loan whereas it fluctuates in the floating interest rates. Credit Score: It is the most crucial factor and plays an important role in sanctioning of personal loan. The minimum score required to qualify for a personal loan is 650. The person with poor credit may not get this loan. Tenure: The unsecured loan is a long term loan which is sanctioned for a period of 5-7 years. The tenure may be extended in case of higher loan amount. The person has to return the borrowed amount in the agreed term. In case of any default, the person may have to face some legal penalties. Loan amount: The person can borrow an amount of Rs. 50,000 to Rs. One Crores. Although there are no restrictions on the upper limit of the amount. Usually this amount depends upon the income and the repayment capability of the person. Documents Required: The documents required to avail personal loan are identity proof, residence proof, salary slips, bank statements and two passport sized photographs. The person should always keep the documents ready to get fast approval on the loan.
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