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India's First Financial HelpLine |
In the past, the person
gets loan after providing collateral to the bank. The person has to give their
property or any assets as collateral for getting a personal loan. Finance
providers then give loan at the highest interest rates for shorter tenure
period. After that lenders provide secured loans at the nominal rates for the
middle class people. This change helps people to repay the loan with easy
installments and EMIs. Every customer wants to avail loan at the lowest
interest rates. Person can choose the best lender in the market that provides
loans at the best rates.
As time passed the
lenders have introduced several loans according to the need of the person.
These loans include gold loan, personal loan, education
loan, car loan and many more. It helps the person to get loans. All these loans
are secured loan because in this person need to give security as collateral to
the bank. In present years, several banks or financial institutions provide
unsecured loan to those persons who do not want to give any collateral for
getting a loan. This personal loan provides at the highest interest rates as
compare to the secured personal loan. Person has to pay off the loan in EMIs.
A person can get unsecured
personal loan for any personal need or requirement. Person can use this loan
for any purpose such as paying bills, medical, purchase of goods, buying a new
car or new home. This loan is easy to acquire and can have minimum
documentation. Person does not need to provide any information to the bank for
getting the loan. Person needs to maintain their credit history, before
applying for a personal loan. Person having decent credit score can avail a
loan at the lowest rate of interest. Person having poor credit score can get a
loan at the highest interest rates.
Several banks and lending institutions provide unsecured personal loan such as
HDFC, Axis bank, SBI, Fullerton PNB and many more.
Person can also compare
all the lenders and their interest rates online, before applying for a loan. It
helps the person to choose the best lender among all the lenders. Person has to
compare their processing fee and penalty charges. Person can also read the
testimonials for the existing customers and terms and conditions of the bank. In this way, person can take
the right decision. Person can avail loan amount up to Rs 50000 to Rs. 15
Lakhs.
