Get Personal Loans For Personal Needs Easily.

It is every fathers dream to make the best arrangements for his children wedding

. He leaves no stone unturned to make sure that everything is done on a grand scale. Occasions such as marriages do sometimes throw up additional expenses. It is at this time that a personal loan can help, be it for some additional decorations or a gift for his daughter.

A personal loan is a loan that can be bought for varying reasons ranging from additional expenses during festivals, family functions, cost for medical treatment, tuition fees for educational degrees, etc. A personal loan can also be sometimes taken as a top-up loan for satisfying additional needs like refurnishing a house and repairing a car or a bike. Personal loans help when the required funds cannot be earned immediately and the available resources seem inadequate.

Personal loans are available from a few thousand rupees to a few lakhs depending upon the need and the credit history of the applicant. These loans, essentially due to their non-specific nature, have a higher rate of interest than home or vehicle loans. The interest rates range from around 9% to 19% depending on the customer profile and the scheme one has opted for. The repayment period is usually from a year to about 2 years.

One can get a personal loan from most banks and finance institutions. Some micro-finance institutions have also started offering personal loans at competitive rates along with some other benefits. A personal loan is easily available if one has good credit record backed by a guarantor. The processing usually takes a day or two and the money is either deposited directly into the applicants account or a cheque is issued. Personal loans are disbursed easily and quickly if the applicant is their employee or an existing customer. This helps the issuer to speed up the documentation process even more since the applicants credit history is already established with them.

Personal loans can be applied for at the financers local branch itself. It is however better to research a bit before narrowing down to the right choice. Documentation required is quite minimal too. With the right documents support of identity proof, age proof, proof of address, income proof, and a good track record, one can secure a loan in just a day.

The loan can be paid back easily at the local branches in EMIs (Equated Monthly Installments) by way of cheques, salary deductions or ECS (Electronic Clearance Service). One may also choose to pre-pay the loan by paying a nominal pre-closure rate.

So, whatever the need might be, a personal loan can be a one stop solution to ones financial problems.

by: James Kapoor

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