1 / 6

Everything You Need To Know About Personal Loans

Know all about personal loan by reading this powerpoint presentation. Click to know more.<br>

DiaSharma
Download Presentation

Everything You Need To Know About Personal Loans

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. EVERYTHING YOU NEED TO KNOW ABOUT PERSONAL LOANS

  2. A Personal loan is a type of unsecured loan that is offered by banks without any form of collateral • Applying for a personal loans require negligible documentation and the processing time is relatively faster as compared to other types of loans • Although the interest rates of personal loans are relatively higher, they continue to be a popular loan alternative among loan seekers because of the flexibility it offers • Personal loans are offered by banks as well as Non-Banking financial Institutions • The settlement time period of a personal loan is generally fixed and ranges between 1 to 5 years • The rate of interest of a personal loan depends upon factors such as customer's salary, loan amount, loan tenure and other criteria that varies from one lender to another

  3. Why Do You Need A Personal Loan • Personal loans are an extremely convenient way to get large amount of funds without mortgaging your assets with the bank • When you are in urgent requirement of cash, you can rely on a personal loan, as they get approved within 48 hours of application • The funds that you obtain from a personal loan can be spent as and when you require, without providing any type of justification or proof to the bank • You can use personal loans to fund a variety of purposes such as foreign vacations, medical expenses, purchase of gold, expensive gadgets, home renovations etc.

  4. How To Apply • You can apply online through the bank website by contacting the bank though phone • Personal loans can also be applied through email. • Certain banks also have the provision for E approval for loan eligibility • By filling in the required details in the online form, you can instantly check your personal loan eligibility

  5. How To Choose The Best Personal Loan • Gather data from banks in your area and compare their offerings • Do not apply for loans in several banks and then choose one • Utilize online comparison websites to compare personal loans available in the market • Estimate the amount of EMI you will be able to afford • Compare the time period of the disbursal of loans for different banks • Equate the prepayment charges for different banks, if you intend to pay off your loan in lump sums • Do not opt for flat interest rates in loans as this turns out to be quite expensive in the long run • It is best to choose reducing balance interest rates, as it is will be less expensive • Pick short term loans because a shorter time period may result in you paying less as the total interest charges, despite the higher rate

  6. THANK YOU

More Related