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What Is A Personal Loan?

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Kushi BL
What Is A Personal Loan?

What Is A Personal Loan?

 

A personal loan, in simple words, is the money you borrow from a financial institution. It can be a private lender, a bank, a credit company, or a non-banking financial company. You can repay it along with interest as instalments within a fixed number of years. 

Availing a loan through loan aggregators can suffice your financial needs with a personal loan. Buddy loan has set a record of disbursing the highest amount of loans in the shortest span. Loan aggregators estimate the best fit based on the borrower's profile.

Get personal loan online via the new age aggregator - Buddy Loan.

Types of personal loans

Personal loans, in India, generally fall into the following common categories:

 

  • Wedding loan: This is the kind of personal loan you need to plan your big day with. Book venue for the auspicious occasion, arrange catering, shop for jewellery, take care of accommodation for guests; everything with the assurance that you have a strong financial backup.

 

Main features

(A)       Loan amount from INR1000 to INR25000000

(B)       Repayment term from three months to six years

(C)       Minimal documentation

 

  • Loan for home renovation: Beautify your home, add up to your furniture or repair your abode; all this becomes possible with a personal loan.

 

Main features

(A) Loan amount up to INR4000000.

(B) Repayment term up to 30 years

(C) Interest rate from 9%.

 

  • Loan for travel: It lets you travel wherever you want. And you can pay your bills at a later time. Travel loan often comes with the additional advantage of travel insurance. Thus you stay safe from unexpected financial emergencies.

 

Main features

(A) Amount up to INR4000000

(B) A fast and simple process of documentation

(C) Extendable repayment term; up to six years

 

  • Loan for education: Lenders who offer educational loans are there in plenty. Use it to fund your child’s tuition or overseas education.

 

Main features

(A) Amount up to INR25000000

(B) Low-Interest rates that generally starts at 9%

(C) Extendable repayment term, up to 15 years

 

  • Pension loan: This is designed specifically for retired personnel. And the eligibility criteria are generally liberal. Certain lenders even offer up to ten times higher than the pension the person received in the previous month.

 

Main features

(A) Loan amount from INR25000 to INR14000000

(B) The interest rate generally starts at 9.30%

(C) Extendable repayment term up to five years

 

Eligibility for personal loans in India

Determining your eligibility for a personal loan in India is quite simple. Browse the Internet for an online personal loan eligibility calculator. The key is in the information it asks and you submit. The tool will come up with an approximate evaluation of the amount you can avail from a lender.

 

Apply instant personal loan online through Buddy Loan

 

Does the CIBIL score matter?

Your CIBIL score plays a vital role in your application for a personal loan. The safe range is 750-900. The higher your score is, the better is your chance to get it. Higher is the approval rate with the earliest approval time.

 

How to repay a Personal Loan?

Repaying a personal loan is a breeze. You only need to do the following:

  • Give it utmost priority
  • Increase the payment as you earn more.

A personal loan is the best way to fulfil your dreams and aspirations. All it requires is a bit of care and pro-active planning.

 

 

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