Personal Loan Meanings
Personal Loan Meaning
A personal loan means an absolute credit solution to fulfill your desires or your personal loan meaning needs such as your travel expenses, wedding, house renovations, or home construction, and it can be used in your financial or medical emergencies in which you may avail yourself a personal loan to consolidate your existing debt, even for defraying the educational expenses of your wards. It is extremely easy with a paperless and hassle-free application process. Customized personal loan offerings include instant online applications.
It is usually an unsecured loan; even personal loans are the most popular unsecured loans in which you can get a loan without securing any collateral. It helps you to save your assets. Unlike other loans, it may have a shorter repayment tenure ranging from 1-5 years. Depending upon the individual applicant's profile and lender, the APR (Annual Percentage Rate) of a personal loan may vary from 11.29% to 35%.
Anyone can apply for the personal loan
Salaried Individuals: Individuals with a regular income of at least 15,000 and who can meet other requirements are eligible to apply.
Self-Employed Individuals: Self-employed professionals or non-professionals can avail themselves of funds to fulfill their personal requirements.
Students: Being a student if you facing difficulty managing finances for higher education. With a co-applicant, personal loans for students are provided online which allows you to get instant approval and speedy disbursal.
Retired Individuals: Retired individuals who are collecting pension money are eligible, no matter whether you own it from the government or not.