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Are you planning a holiday? Do you need financial assistance for marriage-related expenses? Do you want to indulge in the latest lifestyle gadget? Or are you simply in need of quick cash? Personal loans help you meet these or any kind of personal expenses.
However, you need to keep in mind that personal loans have high interest rates, making them the most expensive loans in the market. You, therefore, need to plan your loan and be careful while selecting it.
At MoneyRaksha, we provide an easy-to-use platform to review the various personal loans offered by banks and financial institutions. We guide you through the research and understanding of the costs and benefits involved and help you get the right personal loan that smoothens your cash flow and addresses your immediate needs.
A personal loan is an unsecured loan. This means that you don't have to provide the bank with any kind of security like property or jewellery against the loan. Personal loans can range from an amount of Rs 50,000/- to Rs 20 lakh.
The loan amount you are eligible for as well as the interest rate depends on factors such as your income and employment, residence, and credit history. Typically, the EMI is pegged at 50 per cent of your take home income, a rather high amount, which translates that you manage your other expenses like rent, food, etc with the remaining 50 per cent. Therefore, plan your personal loan so that you are not financially strained to pay your EMIs.
When you choose a personal loan, you must make a note of the charges that are levied by the bank that determine the real cost. This includes:
Personal loans are short-term loans repayable over a period of one to five years.
Since a personal loan is an unsecured loan, it can be accessed with minimal paperwork or documentation. You may need to submit the following documents to process your loan application:
You may also need to provide guarantors. If you are self-employed, you may need to furnish additional documents like balance sheets, profit and loss accounts, partnership deed, etc.
It is easy to find banks that are willing to give you the money you need, whatever be your reason. But aside from their willingness, finding a good deal is not quite so easy. Here are some points to consider:
At MoneyRaksha, we understand that picking the right personal loan can be hard. We, therefore, help you choose your loan wisely, so that you borrow only what you can afford to repay. We provide you: