Category: Personal Loan
There is something about the phrase ‘living on the edge’ that attracts everyone’s attention, and why not? Everyone deserves to live life carefree and to an extent recklessly at least once in life. However, life can get pretty unpredictable and when you don’t have enough savings to get yourself through a rainy day, an unexpected expense like a medical emergency might arise and catch you off-guard.
The beauty about difficult times is that we learn to face them because we know there is a solution waiting for us right around the corner. And in cases where there are unforeseen expenses, the solution to these problems is a personal loan.
WHAT CAN I USE A PERSONAL LOAN FOR?
A personal loan can be used for any and every sundry aspect of your life – be it a medical emergency or wedding expense, a well deserved holiday trip or that fancy flat screen TV, fee for a coaching institute or a simple home renovation – there are no question asked by the bank on what will you do with the money as long as it is a personal loan.
WHO IS ACTUALLY ELIGIBLE FOR A PERSONAL LOAN?
Personal loans are much less of a trouble applying for given that these are most often unsecured loans. However, even though banks follow the usual screening process and documentation check before approving loans these loans can be applied for anybody and everybody – right from a professional to a businessman, from a 21 year old to a 60 year old for tenures upto 5 years.
IS THERE A FLIP SIDE?
A personal loan is an unsecured loan that customers can take from banks and NBFCs without submitting any asset as collateral. While on the face of it this sounds like an amazing aspect, what we don’t realize is that the interest rate will be higher in personal loans since these loans are unsecured and the high risk for banks willing to give this loan out.
Personal loans sound very lucrative and of course help us out in tricky situations or to come off emergency situations, but one needs to be very careful and aware of what they are getting themselves into while opting for a personal loan!