It is one of the greenest city if India and is known as the city of lakes for its various natural as well as artificial lakes. It is the state capital of Madhya Pradesh. Bhopal is the 14th largest city in India. Many historic monuments such as Taj-ul Masjid, Moti Masjid, Shaukat Mahal and Laxmi Narayan Temple are main attractions for tourists. Many banks and non-banking financial institutions offer personal loan in Bhopal. You should compare the interest rate, tenure of loan and other processing charges before opting for a personal loan from any lender. Choose the one that is giving you a best deal.
Whether buying a new X-box for your child or taking him for an exotic vacation, you can use your personal loan amount for virtually anything. Personal loan are for a shorter tenure of upto 7 years and the amount of loan will depend on the borrower’s ability to pay back.
Features of personal loan
- Personal loans are given under fixed interest rate regime. The rate of interest doesn’t vary with a change of interest rates by Reserve Bank of India
- The loan tenure can vary between 12 month and 60 months depending on the consumer’s requirements.
- The personal loan borrower can choose any of the three repayment options- auto debit, ECS and post dated cheques
Benefits of personal loan
- The borrower doesn’t have any limitations on where the loan amount can be utilized. It can’t be used only for speculative purposes otherwise there are no restrictions.
- As rate of interest remains fixed, the borrower doesn’t need to worry about the rise in interest rate but at the same time he will not get any benefit if rate of interest goes down.
- The disbursal of the loan happens very quickly. If you are eligible then the loan amount is generally credited to your account within 72 hours time.