Personal loan is easy loan available to meet your personal requirement. There are number of banks and financial institute compete each other to offer personal loans. HDFC, Citibank, ICICI, Canara bank are some among them which provides personal loan. The loan amount and monthly EMI varies depending upon the profession, income, credit history and other factors.
Before applying for personal loan, you need to know about your lender and for what purpose you are using the loan. Some borrow personal loan for buying vehicle, new house or repair house. You can avail loan such as vehicle loan, home loan which offer more time and better option for repayment without having burden of loan.
Personal loan can be classified as secured loan and unsecured loan. Secured loan needs guarantor or collateral security when applying for loan. Unsecured loan needs no collateral security and easy documentation but interest rate is higher compare to other loans. When comparing personal loan and using credit card, personal loan is convenient and affordable.
You need to contact two or more lender before you apply for personal loan. Negotiate with your lender and apply for personal loan where you will get most benefit or which bank charge low interest. For example, Citibank offers 50% discount on processing fee that can be best utilized by you.
Remember personal loan is available easy and before adding a creditor to your credit history, know your need and lender. If you can manage without personal loan then it is wise. You need to stop impulse buying and spending unnecessarily to make your future secured. So when you apply for personal loan, know your need and interest rate offered by various lenders.
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What a useful information about personal loan! To avail personal loan, you should compare Personal Loan Interest Rates of different banks to get the best deal.
ReplyDeletePersonal loan is a multipurpose debt. Before availing personal loan, a person should do a thorough survey regarding interest rates, loan amount, tenure period etc offered by different banks. According to my survey, ICICI Bank provides ICICI Personal Loan at affordable interest rate and provides the best deal.
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