Are you about to postpone your business venture or home renovation due to the fund shortage? We have all been there. A personal loan is a great way to fulfill your goals without worrying about fund shortage. It is easier to get a personal loan and repay it easily in equal monthly installments.
Let us see how a personal loan is convenient and helpful in different scenarios.
- Quick disbursal:
If you meet the lender’s eligibility criteria, you can apply for a personal loan. Most banks let you apply online and they approve the loan within 2 or 3 days. They might even disburse the amount on the very day if they are satisfied with the repayment capacity.
- No restrictions on usage:
Unlike other types of loans, you can use a personal loan for almost anything. The money can be used for a dream vacation, machinery purchase for business, renovating your home, or anything else.
- No security or collateral required:
One of the significant features of a personal loan is that you don’t have to put forward any collateral. You also do not have to provide any security against the loan amount. If you default on the payment, you won’t risk losing your asset. However, personal loan interest rates tend to go higher than a secured loan.
- Flexible tenure:
You can choose the tenure according to your repayment capacity. Personal loan terms can be as much as five years. If you choose the more extended repayment period, your EMI amountwill be lesser. However, this would mean that you will be paying more interest. You may take the help of loan EMI calculators to determine the loan duration.
- Tax saving:
If you are using the loan amount for the construction of your house or the down-payment of your home, you mayavail tax deduction under section 24B. The maximum limit for deduction is Rs. 2 lakhs. You would need to present necessary documents to supoprt your purpose.
- Easy documentation:
The paperwork for a personal loan is quite easy. This is mostly because there is no collateral requirement and the fund can be used for any purpose. Thus, a personal loan means utmost convenience at the time of need.
Personal loans offer an easy way to meet yours and your loved ones’ needs.