If you need funds for any medical emergency or making the down payment for the house or for buying furniture, family vacation, one of the options that you can explore is personal loan. A personal loan is an unsecured loan which can be utilized for any purpose other than speculative. There are no limitations on where you can use these loans.
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Following are the Advantages of Personal Loan
- No collateral required: – As it is an unsecured loan. There is no need to provide any security.
- Easy documentation: – The documentation process is quick and fast.
- Flexible tenure: – You have the liberty to choose the tenure from 1 year to 7 years.
- No end-use limitation: – Unlike other loans you can use the funds wherever you want to.
- Tax benefits: – If you use the amount of personal loan for construction, renovation and repair you can claim deductions on the interest part.
Process of Applying for Personal Loan
These days it has become extremely easy to apply for personal loan online. You can use Paisabazaar.com to apply for personal loan in few easy steps. The following is a quick guide for personal loan online apply.
Step1:- Visit Paisabazaar.com
Step 2: – Go to the loans section. Select Personal loan. You will be landed on the following page. In this page you need to give information about your personal details such as your name, address, and contact details. You will also have to provide information about the amount of loan you want to take, duration of the loan, your monthly net income, the equated monthly installments you are paying currently. If you have taken loan in the past, you will also have to mention that in form. After providing the above details, click on submit.
Step 3:- After you click submit, you will land on the following page that will give you a through comparison of the loans provided by various lenders. Compare the various option on parameters such as interest rates, processing fees, pre-payment charges and ratings. Choose the best one for you.