Unexpected Financial Needs
Few Indians have the cash they need to pay for many items upfront. That is why it is not unusual for people to apply for short-term course loans, car loans and such, and pay them back over time.
However, when it comes to major purchases, such as house loans, home renovation, wedding bills, medical bills, and engagement rings – an increasing number of Indians are turning to personal loans at the best rates to manage overall expenses. It also makes sense to apply for the personal loan available at the cheapest interest rate to fund any unplanned expenses not mentioned above to ensure it’s not a burden on you in the long run. Even though you plan your finances well in advance, unplanned expenses can arise anytime leaving you to feel the cash crunch at some point.
Whether it’s funding a necessary trip for personal reasons or medical, or unexpected job loss, or buying an expensive gadget to surprise parents – such expenses can blow the lid on any well-planned financial future. In such cases, it is best to opt for an affordable personal loan
Eligibility Criteria
Despite easy availability, a lot of people don’t apply for one fearing high cost and complex terms – this is something quite far from the truth! A personal loan is not costly if you carefully choose your bank and understand all personal loan charges properly. The terms and conditions of it are pretty simple, designed as per the unique needs of customers to make your life stress-free. To apply for a personal loan, you need to be eligible for it and the same varies from bank to bank.
Various factors such as your age, loan amount, monthly income, credit history, and liabilities also come into account. So, meeting the eligibility criteria of a bank to apply for a personal loan available at the lowest interest rate helps your application move along faster! There are also various eligibility criteria for salaried and self-employed professionals. For instance, the minimum age to apply for a personal loan at a preferable interest rate for salaried employees and self-employed individuals is 21 and 25 years respectively. Additional eligibility criteria are –
– Maximum age at personal loan maturity is 60 years and 65 years for salaried and self-employed individuals respectively
– Minimum net monthly income should be INR 25,000 and INR 40,000 for salaried and self-employed individuals respectively for online applications
– Should have at least 2 years in employment and 5 years in professional experience for salaried and self-employed individuals respectively
Affordability
Various banks provide attractive personal loans available at affordable interest rates. Furthermore, when you apply for a personal loan online, you can get approval almost instantly. The best part is that you can avail of one for an amount as low as INR 30,000 or as high as INR 25L depending upon your unique needs. With low personal interest rates, you can avail one to foot the bill for almost any urgent purpose to get things moving without a bump in the road.
Lastly, a personal interest rate at a minimum interest rate is offered for a period of 5 years (maximum) making it easier to calculate your EMIs accordingly as per your current financial situation. So, if a wedding is just around the corner, or you need help paying off sudden medical expenses, or even help pay the tuition fee of a loved one, or perhaps help your parents with home renovation, a personal loan is just the sort of financial armour you need right now.
