If you are in urgent need of some additional cash, there could possibly be no way faster than an online Personal Loan for you to acquire the requisite funds. If you are not familiar with the nuances of Personal Loans, let us lay them down for you.
A Personal Loan is essentially an unsecured credit that is lent out by the bank for a pre-stipulated period of time usually ranging from 12 to 60 months. In order for the Personal Loan Application to get approved, the borrower must fall in the age group of 23 to 55, have a steady source of income, and enjoy a good credit score, preferably 700 and above.
Once the application is approved, which usually takes less than 24 hours’ time, the loan is disbursed in another 1 to 5 days. The loan amount usually varies between Rs. 50,000 to Rs. 25 Lakhs (and even 59 Lakhs in some cases), depending on the borrower’s ability to repay the loan. The interest rate levied on this loan type typically varies from 11 to 22% per annum. However, what truly makes personal loans alluring for one and all is the fact that there is no restriction from the lender regarding the use of the disbursed amount.
We hope that you now have the much-needed know-how of Personal Loans, and now that you do, let us move forward to let you know how online Personal Loans can prove to be in your favour when you are on the lookout for some fast cash.
As you may have already guessed, one of the biggest advantages of procuring an online loan, is well that it is online, thus completely eliminating the need for you to visit a branch physically.
It will save you from the task of visiting multiple bank branches on account of finding the lender and the product that best suit your needs, while allowing you to apply for the required credit online. While even offline loan providers allow you to apply for the loan online, you may be required to pay them a visit at one point or the other, something that you can totally skip with offline loans.
Yet another endearing benefit of online loans, such as the Citibank Personal Loan is that you can read up all the information, including the fine prints, on the dedicated websites of the lender and take an objective decision. Besides, you don’t need to deal with marketing managers and their persuasive sales pitches, which might lead you to take an uninformed decision.
Then again, comparing the financial products offered by different lenders becomes incredibly easy on online platforms. In fact, a trusted loan aggregator will help you find the best loan, by offering a detailed comparison between your chosen Personal Loans. Based on the terms of the agreement as well as the cost-effectiveness of the loans, you can then make the final call. Since this process takes less than a few minutes, you will end up saving your precious time and efforts as well.
One more advantage of availing an online Personal Loan is that you can avail a loan from a lender irrespective of their presence in your city or even state. All you need to do is update your personal information, as well as the requisite documents to prove your eligibility for the loan. Once the documents are verified, and the loan is approved, you will most likely receive the disbursed amount in your account within a few days’ time. Now, if that doesn’t spell convenience, we don’t know what will!
So, what are you waiting for? It is high time that you give wings to your dreams and let them achieve unprecedented heights, all with the much-needed boost from an online Personal Loan!
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