Why is a personal loan suitable in the Financial Crisis?

Why is a personal loan suitable in the Financial Crisis?

To support you in the time of fund collection for emergencies, the bank provides a ​personal loan​ to its customers. Pre-approved loans are easily sanctioned and disbursed to the account.

You can anytime check for the loan offer from your respective bank. Read the given article to know the personal loans of top banks in India and its features.

Top Bank personal loan schemes in India HDFC Bank:​ If you have an HDFC account, you can get loan sanction easily without the trouble of providing several documents to the bank. Just go to your HDFC mobile banking app and check the pre-approved loan you are eligible for, the same can be done via the HDFC bank website. A maximum of INR 25 lakh can be provided by the HDFC bank at an interest rate of 10.75% per annum for 5 years of repayment duration.

Axis Bank: ​You can borrow a loan amount of INR 15 lakh from Axis Bank at an interest rate of 12%-24% for 60 months. The loan is approved if you have a monthly income of INR 25,000.

And you are needed to submit your income details such as salary slip or bank statement if required.

ICICI Bank:​ For the ​ICICI personal loan​ ​you do not need to go through the long application process. Just visit the bank website and apply for a maximum loan of INR 20 lakh from the bank. The loan disbursed to your account within 3 seconds and the interest rate starts from 11.25% per annum.

What are the charges associated with personal loans?

You are needed to pay a processing fee for your personal loan to complete the loan sanction.

The processing fee is a nonrefundable amount, and you can submit it to the bank anytime before the end of the loan tenure. You can add it to your personal loan installment to make it easier to pay it on time. The processing fee for a personal loan in India ranges from 0.50%-5% of the loan amount. But when you borrow a loan from the mentioned top banks in India then the processing charge would be INR 1,000-30,000+GST. Advantage of personal loan for the borrower Risk-free credit: ​There is no need to submit collateral to the bank for borrowing the amount.

The loan is sanctioned on the basis of your credit capacity and payment record. If you have borrowed a loan before or have a ​credit card​ with a sufficient number of usage limits then you are a creditworthy individual for a personal loan.

Credit score: ​If you have not borrowed a loan or credit card before then it is a better opportunity for you to build a credit history with a personal loan. Because it is a collateral-free loan and can build a strong payment history if you make timely payment of the loan in equated monthly installments.

Easy payment: ​You can pay the borrowed loan in EMI using electronic clearing service, standard instruction or post dated cheques. Choose the suitable payment service for your personal loan, so that you will not face any due or penalty fee in EMIs. For what purpose can I use a personal loan?

You can use a personal loan primarily for a medical emergency if you have not insured yourself under any medical or health insurance. In those types of situations, personal loans will help you and solve your financial problems.