Whether it is for that dream vacation or for organising the wedding of your dreams, a Personal Loan can help you get that dream in a very short time. Most of us do not have the finances or the resources to execute a huge extravaganza, but an Easy Personal Loan can make that dream come true. In this article, we will help you understand what is a Personal Loan, how you can get one at low-interest rates and what are the benefits of taking a Personal Loan. So, let us get started:
As you can understand from the name, Personal Loans can be taken for any personal reason. Unlike Home Loans or car loans which is earmarked for this reason, Personal Loans can be used for any personal reason (as mentioned before – a wedding, a vacation or a medical reason). As soon as your loan application is approved, you will receive the amount which can then be repaid on a monthly basis.
Here are some of the most common reasons why someone might want a Personal Loan:
Personal Loans are a type of unsecured loan; as such, the interest rates in unsecured loans are higher than that of secured loans. However, several factors determine this rate of, and if you keep in mind those factors, you can significantly reduce the rate.
Some of the important factors that will determine your Personal Loan interest rate are:
The better your credit score, the lesser will be your interest rate. A good credit score (700 or above) is a clear indicator of the fact that you are good with handling your money and the bank does not take you as a liability.
When you work for a well-known firm, the chances that you are in a stable job that pays you well is high. As such, the lenders will know that you will be able to pay back the money on time.
If your income is considerably high, the bank will give you loans at a slightly lower interest rate.
A loyal customer always gets the loan at a lower interest because of the fact that they have forged a good relationship with the bank and they have been with them since a long time. The trust factor here plays a big role and you can secure a Personal Loan with a better interest rate.
Now that you know a lot about what a Personal Loan is and how to secure an easy Personal Loan, where should you go for the best Personal Loan deal?
Bajaj Finserv Personal Loans is one such option that promises you Personal Loans at very attractive interest rates. Apart from that, there are a few other reasons why you should consider Bajaj Finserv Personal Loans:
Hence, a Personal Loan from Bajaj Finserv is a very smart idea. Now you can easily avail Bajaj Finserv Personal Loan online through MyMoneyMantra.
To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.