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Personal Loans

Personal Loans

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As people, we go through various life stages, such as marriage, going on vacations. At times, our financial balances may not avail us to host that wedding at the desired scale. This is where the advent of personal loans comes to the rescue. With education and weddings being crucial life stages, one would like to make the most of it.

Personal loans are Unsecured Loans. Unsecured loans are ones taken by individual from banks or non-banking financial companies. To avail of the unsecured loan, one doesnt have to provide collateral to the financial institution, there is no need of security or guarantor.

Criteria


Once a decision to opt for a personal loan has been made, one needs to ensure that they fulfill criteria such as income levels, credit and employment history, repayment capacity, and overall financial status and background.

Uses of Personal Loans

Apart from life stage decisions, personal loans can also be availed for the following purposes:

  • Debt consolidation
  • Vacation
  • Paying off credit card bills

Benefits of Personal Loans


  • There are no restrictions on the utilization of the borrowed funds.
  • Balance transfer offer - borrowers can transfer the balance (amount pending repayment) to the present lender to a new lender, who then repays the balance amount to the present lender. The transfer is beneficial if the new lender offers a lower interest rate.
  • Loan prepayment - Loan repayments range between 1 - 6 years, depending upon the rules and regulation of the financial institutions.

Loan terms that you should know


  • Principal

    The principal constitutes the amount borrowed. For instance, if one applies for a personal loan of INR 100,000/-, then that is the principal.

  • Interest

    This is what the lender - a financial institution - charges the borrower for using that money. It is a percentage of the principal amount. When taking out a personal loan, one is bound to pay not only the principal but also the interest charges.

  • Term

    This is the number of months over which the personal loan is to be repaid. Banks and other financial institutions typically state the personal loan terms in months.

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