When you have some important expenses like a holiday trip abroad, household shifting, marriage in the family, payment of credit card bill, repayment of an existing loan, medical emergencies and many more but don't have enough money for the same, personal loan helps you to easily pay off such expenses.
Personal loans are unsecured loans offered by banks without any collateral such as your home, flat, property, etc. Personal loans are usually available at fixed interest rates where interest rates are based on your credit score. The better your credit score, the lower your interest rate and vice-versa.
Personal loans aren't cheap but expensive one. The beneficial part is that they can be easily available and their processing is very fast as compared to other types of loans like home loan, education loan, car loan, gold loan, etc.
A personal loan is offered at a higher interest rate than a secured loan due to higher risk involved as you are not asked for any collateral to ensure repayment.
These personal loans allow you to repay them from 12 to 60 months.
A personal loan may help you gain financing or pay off your bills but there a few things you should know before you take out a loan.
Banks will use your credit score to help them determine the quantum of loan, interest rate, repayment tenure and whether to offer you a personal loan.
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