The personal loan is an amount of money borrowed from banks, any credit union, and private financial company. It helps people to meet life emergencies. A personal loan is an unsecured loan that is given by the lender to the borrower without any collateral. Because of the unsecured nature, the lender cannot sell anything like property or any valuable asset which borrower owns. These loans help the people to manage the finances and they are mainly used for the medical treatment, home renovation, travel plan, and wedding. The interest rates involved in this are higher compared to other loans like gold loans and car loans.
Features of the personal loans offered by various banks include –
- Collateral free loans – collateral means a valuable property on which loan is taken from the bank. In case the borrower fails to pay back the loans the banks have the right to sell the property. The personal loans are given without any collateral but it includes the high-interest rates as lender gives his money without any security.
- Repayment options – the borrower can choose the loan tenure according to his comfort. Even the person can calculate the EMI to determine the repayment schedule according to their comfort. The tenure range varies from the 12-60 months.
- Apply Online – with the advancement of the technology banking industry is also switching to online mode. You can apply for any loan easily like you want to apply for a personal loan in Jaipur you don’t have to visit the bank. Just visit the bank’s website and read all instructions related to the loan carefully. It is a quick service and easy to understand. For this person only needs the basic documentation.
- Net or internet banking – today bank provides the option of net banking that is the electronic payment system. Through this person can make transactions through its phone also. This includes the use of debit all he needs is a good internet connection. One can pay for EMI of loans from anywhere and anytime using this.
- Eligibility criterion – the person is eligible to apply for the loan if he or she fulfills the particular eligibility criteria prescribed by the bank. This includes the age, income tax returns, property owned by the person, and annual income. Based on this the loan is sanctioned by the bank. If a person fails to fulfill this the banks don’t approve his loan.
The personal loans are very easy to apply. You can apply for it anywhere in any bank. For example, if you live in Jaipur and are looking for private personal loan providers in Jaipur, just visit online and apply for the loan to the suitable bank. Some banks have eligibility criteria like age, occupation, and monthly income. Before making any decision, check the bank’s eligibility criteria carefully. Once you apply for the loan the bank start processing it within 24 hours of the request. It is recommended to read all the terms and conditions of the bank carefully before applying for a loan.