Having a dream house or planning a foreign trip with family still seems like a dream come true for many. Saving money from personal expenditure is a tough task and no matter how much you collect, you never get a handful of it. In such cases, a personal loan can help you out with it. It can help you fulfil your dreams and help you see through things that you always wanted to.
This article is all about personal loans and their benefits, Piramal Finance’s pocket-friendly EMI personal loan, and why you should go for it.
What is a Personal Loan and what is its significance?
A personal loan is a financial help in which you borrow a specific amount of money from a lender and in return repay that with a rate of interest. The money you borrow from the lender is paid in the form of equated monthly instalments or EMI. The lender lets you borrow this money for a tenure and you have to repay all the amount within that tenure of repayment.
A personal loan is an unsecured loan which means you do not require any collateral or a security deposit to keep as a guarantee of repayment. The lender allows you to take the loan without even asking for a guarantee.
Piramal Finance is a corporation that is involved in all types of financial services including personal loans. It provides you with a loan at the best interest rate and with the best facilities.
What are some of the benefits of applying for a Personal Loan?
Here are some of the exclusive benefits of applying for a personal loan:
- Faster loan approval process:
Compared to a business loan, a personal loan is approved faster, mostly within two days. Some banks even take it as a one-day affair. Since the process of approval takes minimum time and is mostly online, you don’t need to hassle much to get approved. As soon as your documents are verified, your loan gets approved within 24 hours and you are handed over the cash.
- Low rate of interest:
Interest rates on personal loans are often less and are quite a reason why people go for them. This helps you pay your debt easily without you getting affected by your repayment amount. Mostly, the interest rates range between 9.5 percent per annum to 25 percent per annum. These interest rates are highly variable and depend on your credentials and the bank you are applying to.
- Ample time to repay your loan:
Most of the time, banks give you a reasonable amount of time to repay your debt and get rid of it. In most cases, banks give you six to seven years to pay your debt completely. Also, this repayment schedule is on equated monthly instalments or EMI basis, which means it won’t hurt your monthly budget as well.
Banks give you a lot of other additional perks for applying for a personal loan. One of them is the utmost flexibility in tailoring your loan type. For example, you are given a Flexi facility for your personal loan. If you apply for a Flexi facility, you will be charged interest only on the amount you borrow from the debt amount and not on the total amount.
- No collateral or security deposits:
Since it is an unsecured form of loan, you do not require any collateral or security deposit to get approval.
- Higher loan amount:
Banks allow you a huge loan amount, which happens to be one of the biggest advantages of taking a personal loan. The loan amount can sometimes go as high as 30 lakh rupees to 35 lakh rupees. Since you are not asked about the reason you are taking this loan and banks charge you low interest, you can count it as quite a blessing.
Why should you go for a Piramal Finance pocket-friendly EMI personal loan?
There are many reasons why you should opt for a Piramal Finance personal loan.
- No prepayment and foreclosure charges:
Some banks might charge you pre-payment fees which often at times seem unfair. Piramal Finance makes sure that there are zero prepayment and foreclosure charges so that you save more than you spend.
- Documentation requirement is minimum:
Piramal Finance doesn’t require a lot of unnecessary documents during the time of approval to prevent delaying the process.
- Low rate of interest on the loan:
The interest rate on Piramal Finance personal loans starts from 12.99 percent per annum.
- Pocket-friendly EMI:
Since it charges you low interest, your monthly instalments come down to a minimum and you can easily repay without worrying about your monthly expenses.
- Flexible repayment tenure:
Piramal Finance provides you with a period of one year to five years to repay your loan amount in the form of instalments.
A personal loan can help you live the dream which you have always wanted. At the same time, you must be well aware of the fact that this is also a form of debt, and you need to repay it. So, analyse your need for taking a personal loan and then make an informed decision. You can use a personal loan calculator to check different interest rates and loan amounts and see what suits you the best.
Piramal Finance is a corporation that provides services on housing loans, personal loans, business loans, investment schemes, microfinancing, calculator services, and blogs.