The best answer to all your financial emergencies and obligations is personal loans from Fullerton India because the process is swift; the application is quick and easy. Personal loans also help in cases of medical emergencies and all the other situations like making a down payment for a house, a dream wedding, etc. The key features of a personal loan are mentioned below.
1. No Collateral:
Personal loans require no collateral during application as they are unsecured loans. But since there is no collateral, certain other factors are taken into consideration to check your eligibility. You must meet the eligibility criteria mentioned by Fullerton India before you apply for an urgent personal loan for a hassle-free experience. These are:
- Your source of income is a crucial factor in your eligibility for a loan. You have to show your salary slips or the business turnover while applying for the loan.
- The credit score is another factor that is essential because if you don’t have a good credit score, it shows that you don’t have creditworthiness. Therefore, you must ensure that your credit score is good.
- Age also plays an important role, and you should at least be 21 years and maximum of 60 years.
- You should have a proof of place of residence to be eligible for a personal loan.
You can also get a higher amount of loan if you have a co-applicant with a high credit score.
2. Quick Disbursal:
Personal loans require very minimal documentation as compared to other loans such as house loans, car loans, and more. If you have the essential documents ready like the address proof, income proof, etc., the process of loan approval and disbursal is swift and takes significantly less time. An even more convenient and quick way is to apply for a personal loan online. You have to fill in all the details and upload the documents. The application is quickly approved or rejected. After the application for the loan is approved, the amount will be disbursed to your bank account in few business days.
3. Multi-Purpose Loan:
Another important key feature of the personal loan is that it is a multi-purpose loan. While in an emergency, like if you need funds for your kid’s higher education, you are in a medical emergency, for a wedding or even if you need to go on a vacation, personal loans come to your rescue. Other loans like car loans, house loans, education loans, etc., in comparison to personal loans, only serve the purpose and cannot help you with other expenses. But personal loans can also help you meet business expenses when and if in need of funds to grow your business or fulfil the tax obligations. Therefore, personal loans are multi-purpose loans helping you in all the situations and all the emergencies you can ever go through.
4. Competitive Interest Rates:
Personal loan interest rates in India are competitive, and if you have a good CIBIL score, you might get a lower interest rate.
(Check Fullerton India Personal Loan Interest Rate – https://www.fullertonindia.com/personal-loan-interest-rates.aspx )
The higher the CIBIL score, the lower can your interest rate be depending on the lender or institution you are taking the personal loan from. While other loans also incur extra costs such as processing fee, etc., the additional fee for a personal loan is next to negligible and is very low. In case of a medical emergency, low processing fee along with attractive interest rates makes it easier to avail a loan quickly.
Therefore, the key features of a personal loan are mentioned above, and they are incredibly beneficial. However, personal loans should also be taken and used wisely to avoid yourself from falling in a debt trap. If you take too many personal loans and then default the payment, in either case, it will affect your credit score and creditworthiness, which will make it difficult to avail a loan in the future. Therefore, if you use it judiciously, it only has benefits that can help you.