.A personal loan is a short to medium term unsecured loan(no collateral) that you can use to meet current financial needs. Though most commonly used to meet
expenses related to debt restructuring, vacations, unexpected medical expenses and down payments, a personal loan may be used for practically any type of expense. If
one looks at the benefits of personal loans, one can start with the fact that the tenure of a personal loan is shorter as compared to a mortgage. Unlike mortgage,
which is for ten, twenty, perhaps thirty years, a personal loan is commonly for between one and five years.
.Why Choose a Personal Loan?
There’s no limit to the number of ways a personal loan can be put to use. It can be taken for any personal reason, such as:
A monetary aid for the renovation of your house
To meet wedding expenses one of the important and expensive days
To buy a new PHON
To plan and spend holidays with the family
To simply pay off credit card bills or other debts
To meet business requirements such as advertisements or. new table tennis table for the team
Personal loans act as the best-fitted medium to smoothen up cash flow at times of stringency. The key reason for some to prefer a personal loan is because of minimal
documentation, fast processing times and the flexibility .for use of the loan. Witnessing the huge potential of this market, leading banks and SBI in India are
offering personal loans to both salaried and self-employed individuals.
Points to Consider before Applying for Personal loan
To choose from the best personal loan offers is important, but equally important are numerous other factors that should be taken to prevent personal loan becoming the
burden causing a big hole in the pocket. Here are some points you must never overlook while applying for personal loan