The rise in the cost of living and other major expenses have constantly been a case of concern. From rising fuel costs to escalating prices of goods and commodities, it’s becoming a challenge to put aside a portion of your savings to meet your uncertainties and future goals. To free you from the fettered financial chains and guide you to meet your significant expenses with impacting your financial health – a Personal Loan comes to your rescue!
Forms of major Personal Loan
An instant personal loan is perhaps the best invention in the past decade for every working individual. This is a debt given by Banks to any eligible individual for a shorter tenure at specific interest rates. Today you can get a, –
- Personal loan for a salaried employee (Almost every lender provides this service)
- Personal loan for self-employed (more than 50% of lenders provide this service)
Any person belonging to the above 2 categories can apply for the loan. All they have to do is find the Bank/NBFC providing the lowest personal loan interest rates & fulfil the personal loan eligibility set by that Bank/NBFC.
What is a Personal Loan?
By being an unsecured form of credit, you can avail a Personal Loan without pledging any collateral with minimal documentation and easy eligibility criteria. This kind of instant loan does not have any end-usage restrictions, which means you could finance a royal wedding, a trip to your dream destination, renovate your home, deal with a medical emergency, or finance the expansion of your business.
Benefits of a Personal Loan
- No Collateral or Security
You don’t need to provide any collateral or mortgage such as your house or car to avail a personal loan. A lender approves your personal based on your credit score and credit report, which reflect your creditworthiness in terms of income, repayment history, and other criteria.
There are no end-usage restrictions on a Personal Loan. This means you can use the funds availed to meet multiple purposes, including medical emergencies, holidays, business, or debt consolidation.
- Flexible Tenure
You may avail a loan for flexible period ranging from 12 months and 72 months.
- Minimal Documentation
When you apply for a personal loan online or offline, you must provide minimal documents that include identity proof, proof of residence or address, and income proof.
- Quick Disbursal
Once approved, disbursal of your personal loan happens within a few hours. If you avail a pre-approved personal loan, the disbursal would be as short as a few minutes.
When you embark on a journey with Ruloans to satisfy your Personal Loan needs, you’re in the best of company. Other than all the other online and offline resources, you have access to a host of services offered by Ruloans’ Partner banks and NBFCs, which allows you the flexibility of choice in terms of the loan value, interest rates, and loan tenures.