There are certain situations in life where it becomes indispensable to have the financial requirement fulfilled. Sometimes, we may have sufficient funds to meet the requirement while sometimes, we may fall short of it. During this time, we may face a lot of difficulties and must be prepared to deal with them. However, there are some financial products which prove to be of great help during such uncertain times. One such product is Loan. A loan is a financial product where we borrow some amount from a party and repay it later to them along with interest. And Personal Loan is a type of loan that can be availed to fulfill the personal needs. The personal needs can include wedding, travel, education, home renovation, debt consolidation etc. Let us know about Personal Loan in detail.
Personal Loan:
A Personal Loan is unsecured loan that can be used for meeting the personal needs. The Personal needs can include all the cases mentioned above. Most of the financial institutions today provide personal Loans to customers. The loan amount usually ranges from Rs. 1 Lakh to Rs. 25 Lakhs. A personal loan is unsecured, i.e. no collateral needs to be pledged to avail the loan. Because of this, the interest rates are usually high on Personal loans. Also, the repayment term ranges between 1-5 years.
Personal Loan is considered a convenient borrowing instrument as it is quite flexible in terms of its usage and can be repaid over flexible tenure. With technology taking giant steps towards digitization, one can apply for Personal loan online. This has greatly reduced the need of visiting the banks and also the documentation required is quite minimal as one has to just upload the scanned copies of documents.
Top-up Loan:
If you feel that the personal loan, you have availed, may not suffice to fulfill your need, you can opt for a top-up loan. Top-up loan can be used to meet the short term need. The main advantage of top-up loans is that no fresh documentation is needed to avail it. In addition, the verification process is also eliminated to a great extent. The interest rates on top-up loans are comparatively lower, which can make the EMI payments a little more convenient. Top-up loans are usually not of higher amounts and existing customers must have a good credit profile to avail it.
Depending your requirement and how quickly you need it, you can either opt for a Personal loan or top-up loan. You can apply for a personal loan on Finserv MARKETS or using their personal loan app. The Bajaj Finserv Personal Loan of up to Rs. 25 Lakhs brings with it a lot of benefits. The approval takes just 3 mins and documentation required is minimal. Also, no collateral needs to be provided against the loan. The repayment tenure ranges from 1 year to 5 years. There are no hidden charges during the application process and there is complete transparency. What’s more! The money gets credited into the bank account in just 24 hours. Isn’t that great! So, hurry, apply for a Personal Loan today!