Whether it is a planned expense or an unanticipated emergency, a Personal Loan feels like a lifesaver when you have a hefty expense to make. In essence, they are unsecured loans that borrowers receive from lenders. People take out Personal Loans for several purposes like unexpected medical bills, vacations, paying off debt, home renovations, and other similar needs. Personal Loans are available to all borrowers and have a lot of flexibility.
But not every bank provides Personal Loans to every client. NBFCs can help with this because they can create products specifically for certain types of customers. For instance, at Poonawalla Fincorp, we provide low-salary Personal Loans. We offer Personal Loans to individuals earning at least Rs 20,000 a month.
A Personal Loan is accessible to everyone earning a salary and just a little proof is needed. People who are self-employed and business owners are also eligible for Personal Loans. The normal repayment tenure for these loans is 12 to 60 months. Depending on the borrower's profile and needs, the loan's terms can change.
Let us first go through the eligibility criteria for a Personal Loan for salaried employees. These requirements vary from lender to lender but most of them are common and basic.
Now, we move on to understand how a salaried employee can apply for a Personal Loan online.
You can obtain a Personal Loan via one of three main avenues. These are:
1. Online Lenders
This is one of the newest methods for quickly obtaining a Personal Loan. Numerous NBFCs including Poonawalla Fincorp provide speedy disbursement, low-interest rates, and flexible repayment choices for instant Personal Loans.
2. Commercial Banks
Since almost everyone has a bank account, that is the most well-known method of obtaining a Personal Loan that most people are aware of. The majority of these banks follow a set process to provide these loans, which includes a rigid repayment option, paperwork, and standard contracts.
3. Co-operative Banks
These banks are more well-liked by rural residents while operating on a far smaller scale than commercial banks. These banks provide lower interest rates and more flexible repayment choices because they are not motivated by profit.
Poonawalla Fincorp welcomes applicants to visit the website at any day and time to learn more about the variety of loan products we offer and to take out a Personal Loan with a hassle-free experience. Our instant Personal Loans online are a speedy, handy approach to help you acquire the funds from the comfort of your home. Big thanks to an easy-to-use interface and quick processing.
A Personal Loan has a set repayment cycle throughout which you must make consistent EMI payments. The amount of monthly loan EMIs you need to pay can be determined using a specialized tool called a Personal Loan EMI calculator. These EMIs are calculated based on several important variables, such as the loan amount, the relevant interest rate, and the loan period. You can use the Poonawalla Fincorp Personal Loan EMI Calculator whenever you like, for an infinite number of times. Since it is a free tool.
When utilized wisely, Personal Loans are an excellent method to cover significant life needs. You should always analyze your ability to repay any loan before applying. Making a big decision like taking out a loan requires clarity and forethought. Your credit score rises if you pay back your loan on time and in full, making you a strong candidate for a loan extension. If you don't, your credit score will drop and lenders will view you as a risky borrower, which will make it challenging for you to obtain new loans. As a result, before applying for a Personal Loan, you are urged to thoroughly weigh all your possibilities.
When approving a Personal Loan, lenders typically favor candidates with steady employment. However, be mindful to check your credit score, assess your ability to repay the loan, and compare multiple lenders before applying. Making an informed decision before applying for a Personal Loan is always necessary. At Poonawalla Fincorp, you can avail of a Personal Loan for salaried employees online with just a few clicks.
A loan against property or LAP is a secured multi-purpose loan given by lending institutions like a bank or non-banking financial institution (NBFC) to a borrower in exchange for holding their property as collateral.
A loan against property or LAP can be an excellent alternative to a personal loan. It can help you access finances in the hour of need and meet your various financial requirements.
Availing a personal loan might seem challenging due to stricter underwriting policy by lenders because of the unsecured nature of the product and the possibility of future Covid-19 waves.
Have you ever come across the financial term Loan against property? Did it make you wonder what does it mean and how is it different from Home Loan?