Personal Loan
A personal loan is an unsecured loan given to an individual for short to medium duration without any requirement for security or collateral. Except for speculative purposes, it has no end-use restrictions and requires little to no documentation to offer you a convenient experience. Therefore, a personal loan can be used to pay for expenses like a wedding, schooling, travel, or home improvement; to buy consumer goods like two-wheelers or used cars; and more. Personal loans are a popular choice for funding because of their adaptability, little paperwork, and speedy processing. It often has a shorter repayment period, spanning from 1 to 5 years, compared to other loans.
A personal loan's APR (Annual Percentage Rate) might range from 11.29% to 35% depending on the borrower's profile and the lender. Apart from it, you will be charged a processing fee of @2%, documentation charges, and amortization schedule charges. Additional fees are charged if you switch your Post Dated Cheques or change the payment method. Prepayment options may or may not be available, and the related fees may change correspondingly, depending on the lender's bank.
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