Among debit products for customers, Personal Loans are an extremely popular choice. They can be availed of for any reason and helps you fast-track your wishes when you are low on funds. Such a Loan can also enable you to overcome uncertain times and help you tide with ease during emergencies.
Moreover, today, you can get your hands on easy Personal Loans with a few clicks online.
What is it?
A Personal Loan is an Unsecured Loan that allows you to handle your personal needs. Hence, it not only lets you pay for a home renovation project but also lets you take a vacation, buy an electronic gadget, arrange a wedding, etc. The lender has no say in how you spend the money.
Benefits
Some benefits you can claim under the Personal Loan include:
Apply online
Today, you can go fully digital and apply for the Loan online using the Banking app or through Internet Banking, right from the comfort of your space. Hence, the process is quick, and you need not waste time visiting your bank or standing in long queues waiting for your turn. You also need not fill out a ton of paperwork. Instead, the process is completely paperless, and you can complete your application online and scan and upload the documents from anywhere.
High corpus
Depending on your eligibility criteria, you can apply for an instant Personal Loan for Rs. 25,000 to Rs. 15 lakh. Since it is an Unsecured Loan, you do not require collateral.
Flexible tenures
You can choose a bank and apply for a Personal Loan that lets you choose from flexible tenures that last from 12 to 60 months. Hence, you can repay your Loans in equated monthly instalments that are easy on your budget and provides ample room to fulfil your other needs and wants.
With Mobile or Internet Banking, you can effortlessly manage and pay your Loan EMIs instantly. Alternatively, you can set standing instructions in your account to repay the Loan EMIs on a fixed monthly date.
Freelook period
Some banks offer a freelook period when you apply for a Personal Loan. So, if you change your mind, you can easily cancel your Loan application within the stipulated period.
Quick disbursal
After the application process is over, your bank verifies all the details. Once your Loan is approved, the amount is immediately disbursed to your Bank Account.
Tax benefits
When you use a Personal Loan to renovate your house, you can avail of tax deductions of up to Rs. 2 lakh for the interest in a single financial year. You can claim this benefit courtesy of Section 24B of the Tax Act.
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