Get the basics of Personal Loans |
Posted: August 4, 2016 |
As per a latest data by RBI, growth in consumer durables and other personal loans improved to 46.8 per cent (32.8 per cent in the year-ago period) and 16.2 per cent (13.3 per cent), respectively for the current year. It also stated that during festive season and New Year all banks enjoys huge demands for personal loans from everywhere in India. This indicates the growing popularity of personal loans. Why personal loans? There are many things that warrant it; from holidays, marriage, business needs, education, home renovation, buying a personal gadget or house appliances the list goes on. Personal loans scores high since it can be mobilized quickly and can be availed at a moderate interest rate compared to credit cards and other borrowing methods, which may leave you with a deep hole in your pocket. However, you still have to remember personal loan rates are higher compared to housing loans, education loans etc. In this blog, we would like to help you with the basics that you need to understand before availing a personal loan.
But before all this, there are certain things you need to need to ask yourself.
Whatever may be the form, remember, loans are pure liabilities and should be availed only after a thorough consideration. Yet, life is unpredictable and you never know what is in store tomorrow. So, our advice is that, in times of need, think, plan and carefully choose the loan from a bank with which you are comfortable. With simple documentation, speedy approvals and shorter tenure definitely personal loan is a savior for many in times of need.
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