A personal loan is one of the unsecured loans which you can avail based on your ability to repay it i.e. your credit history. This type of loan is taken for many purposes and needs. Also, since this is an unsecured type of loan, the interest rates are higher than home and car loans.
There are many benefits of taking such a loan as it helps you meet your immediate expenses. Also they allow you flexibility in paying back the loan with a long tenure up to 5 years. Below listed are few points which show the benefits of taking a personal loan.
- No need for any security or collaterals
- Quick Disbursement
- Fixed rate of Interest
- No limitation on end use
- Flexibility in choosing the tenure