Applying for a personal loan has come to be one of the most sought after collateral free ways to meet the gap between current and required monetary resources. Being a multipurpose debt, personal loans can cater to an array of requirements from a holiday loan, to a marriage loan and even on to a debt consolidation loan; personal loans can act as a means to meet your necessary needs in a quick and efficient manner, provided you seek the correct company to grant you such a loan.
In addition to this, to determine whether you can afford to pay back a loan amount or not, you can utilize an EMI calculator, which takes into account your loan amount, rate of interest and loan tenure. Keeping the aforementioned in mind, we’ve compiled a list of reasons as to why personal loans are the way forward to meet your monetary needs and requirements.
No Need for Collateral
A personal loan is an unsecured loan whereby it does not require any collateral / s (a legal property owned by you legally) to be pledged when seeking an approval for such a loan. Instead, a personal loan is in fact approved upon the basis of the credit score and a regular income.
Free Reign on Usage
There can be a plethora of reasons as to why you could require a personal loan including the need for home renovation, medical emergencies and such; you can utilize the loan as you deem suitable, within the confines of the law. Therefore, allowing you to truly be a master of managing your own finances, as and when you require them.
Improvement in Credit Score
Every individual has a specific credit score which is one of the main aspects in making you eligible for a loan; a personal loan can in fact be of aid to you in consolidating your current loans and wind them up in the short term, that too at a lower interest rate.
Nearly all lenders of personal loans operate online in order to increase efficiency; as per the norm you can utilize their websites to fill in an online application and receive a quotation within 1-2 working (business) days. Some companies even free you of the hassle of the documentation process whereby a customer representative comes to your door step to collect the necessary documents.
Needless to say, with the plethora of benefits of personal loans for an individual, this ought to be the loan of choice when you require monetary assistance. Companies such as Qbera are ones which can provide such an assistance to you in your time of need; their eligibility criteria includes, being a salaried employee, between the ages of 22 to 55, net monthly income ought to be more than Indian Rs. 20, 000, no defaults ought to have occurred in the last 24 months along with the requirement of the applier to be residing in Delhi/NCR, Bangalore, Pune, Chennai, Mumbai or Hyderabad.