Why should you get a personal loan?


An instant personal loan is an important financial instrument that provides you money in emergencies. Be it your higher education, dream marriage, dream home, foreign holiday, or medical emergency, personal loans can be the complete solution to these problems. Due to the easy eligibility criteria, a personal loan is a more easily accessible source of funds for salaried and self-employed individuals. And what's more, many borrowers may not know, but they can get tax deductions on personal loans. This piece of the article presents an overview of the tax benefits arising from a personal loan.

What is a personal loan?

A personal loan is a fixed amount that you borrow from a bank or lender, which you return in fixed installments every month after a fixed time.

A personal loan is usually unsecured, meaning that you do not have to use a large possession (such as your home or car) as collateral for the loan. Said, unsecured loans may involve a higher interest rate than secured loans. Nevertheless, many people prefer the unsecured personal loan option as they are at risk of not having any payments if they are unable to pay.

Top 9 Reasons to Take out a Personal Loan – Personal Loan Blogs by ...

A personal loan comes with a host of other benefits that make a smart decision to apply for a personal loan during a cash crunch.

Multipurpose loan: Unlike other secured loans, home loans, and car loans, a personal loan is not limited to a particular cause or situation. You can use it for any purpose of higher education, transportation, big-ticket purchases, fares, and the like.

Reasonable interest rate: Now, with a lot of players in the market, the the interest rate applicable to personal loans is reasonable, which is less than 10.75% RBI. If you meet all the eligibility criteria and have all the documents required for a personal loan, you can get a personal loan at a minimum interest rate.

Easy to avail: A personal loan requires minimal documentation. With the entry of technology in finance, it has become much easier to access personal loans. A personal loan can be availed from the comfort of your home by providing some basic details about you and submitting some documents online.

Flexible loan tenure: Lenders offer the flexibility to repay the loan over a tenure of 12 to 60 months. In addition, some lenders do not charge a foreclosure or prepayment fee if you prepay the loan.

Instant disbursal: After document verification, the loan amount gets deposited in your bank account within few hours.

Comments

  1. Bhumi Finance LoanDecember 1, 2022 at 12:08 AM

    Good education is essential for the bright future of your child. But what if your child is hindered from getting admission to one of the top schools or universities? Will you let them sacrifice their dreams and ambitions just because you cannot pay for their tuition fee? No, right? This brings student personal loan in Mirzapur into the picture. With the easy availability of education loans, you can now conveniently pay for college fees, and repay them through EMIs after getting a job. Wondering how to apply? Well, Bhumi Finance is happy to help.

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