What is Personal Loan
Personal loan referred to as an unsecured loan, there is no security against it. Personal loans are one of many types of loans you can borrow from a bank.
These loans are typically general purpose loans. It meets your current financial needs, as there is no security against it. It is usually taken by borrowers who are looking for quick and easy loans.
How to easily get Personal Loan
When people need money in emergency they take personal loan because personal loan get very easily. If you are thinking to take personal loan then take personal loan deliberately because personal loan has high rate interest. Take personal loan when you need money urgently otherwise choose other loan. There is many other loans which have low rate of interest, select those loan.
What are the Benefits of Personal Loan
- Personal loans are unsecured which means the lender cannot repossess your property.
- Personal loan obtain easily with simple documents.
- In personal loan there is no need of guarantor.
- If people repay the debt before the time period, the bank will not pay any penalty charges from customer.
- There is no security need to take personal loan.
What are the Disadvantage of Personal Loan
In personal loan rate of interest is much higher than other loans.
Personal loan interest rates are fixed.
In personal loan bank take one percent penalty on prepayment rent plus scheme.
In personal loan, bank takes minimum 1,000 rupee as processing fee.
Question and Answer Related to Personal Loan
Question1- Who can get personal loan?
Answer- Employed, self-employed and individual people can get easily personal loan.
Question2- What is personal Loan?
Answer- Personal loan is a loan who meets your current financial needs.
Question3- What are the benefits of personal loan?
Answer- Personal loans are unsecured which means the lender cannot repossess your property.
Question4- What are the disadvantage of personal loan?
Answer- In personal loan, rate of interest is much higher than other loan.
Question5- What is the interest rate for personal loans?
Answer- Interest rate for personal loan in banks currently are between 15-24 percent.