Personal Loans: the Best Solution to Meet All Your Personal Requirements

Personal loans are regarded as all purpose loans which can effectively meet all the personal requirements of the concerned borrowers. No matter whatever the cause is like buying jewellery, renovating your home or a sudden trip to a foreign destination this type of loan can be easily availed.

These loans are referred to be one of the best means which effectively help us to take care of our urgent requirements without any hassles.Urgent need for money can crop up in our lives any time for any cause. As such, this type of loans can be referred as the easiest and the steadiest method to get the required finances to meet the varied requirements without any hassles. Be it renovating your home, dream vacation, buying a new laptop, medical treatment, trip to a foreign destination, son’s or daughters wedding etc., a personal loan has been basically crafted to solve every kind of financial emergency at ease.

As a matter of fact, this type of loan is granted for any logical purpose and whatsoever. The finances are actually made easily available through the so called personal loans by banks. In fact, they pay extra attention to the imperative requirements of the customers and as such the approval for personal loans can be a steady process as various banks process the request for the this type of loans, that is in less than 48 hours.

Based on the capacity of repayment both the self-employed and the salaried professionals can avail a personal loan ranging from Rs. 25, 000 to Rs. 20, 00, 000. One of the best things with the most preferred personal loans is the steady availability of cash, which can be easily repaid in casual monthly installments.

Having financial problems can be truly a real burden. This is particularly the case when you find yourself stuck in a critical situation and you fail to decide how to get out of it. However, one of the most preferred way to get out of this critical cycle would be to apply for any one of the personal bank loans which are easily accessible.

Personal loan from the top-notch banks in India

The qualification and documentation needs for the so called personal loans are basically minimal and if the concerned bank is satisfied regarding your credentials and the capacity of repayment then the loan dispersal would be almost immediate. A brief research of some of the leading banks of India which give personal loans are listed below.

The SBI or State Bank of India has the Saral Personal Loan which gives instant cash for any requirement as a personal loan with a lower limit of Rs.24, 000/- in metro and urban centers and Rs.10, 000/- in rural and semi-urban areas. The maximum loan amount which can be availed under this scheme is amazingly 12 times the net monthly income for the pensioners and salaried individuals which are subject to a ceiling of Rs.10 lacs in almost all the centers. This type of loan is basically repayable in 48 EMIs.

The ICICI bank gives a personal loan of up to 15 lacs, but that would depend on the capacity of repayment of the borrower. The concerned borrower can repay the amount in 12 to 60 months of installments.

With the support of the HDFC bank an individual can avail personal loans of up to Rs. 10, 00, 000 for any cause. The amount of personal loan would be based on the repayment capacity of the borrower. However, the terms of repayment of the HDFC bank ranges from 12 to 48 months.

As such, various banks of India offer personal loans at varied rates of interest and the repayment term would also vary among the various banks. A concerned borrower should carefully compare the repayment terms and the rate of interests to get the most-effective loan. However, before deciding on a personal loans you should get a better insight of the various advantages and disadvantages which come associated with these type of loans.

By: RahulSen

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