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A Personal Loan is an unsecured loan provided by banks and financial institutions to meet personal exigencies.

Financial woe scan arise at any time. You may need funds to pay for educational expenses for your children or a wedding in the house. There could also be unexpected medical bills to deal with. Availing a Personal Loan as an additional back-up is something you could consider if you find yourself in a tough spot. Some people take Personal Loans to consolidate their credit card debt. You too can do this and pay off your existing credit card outstanding amount. Money Solution has products which offer Personal Loans for home renovation as well as consumer durables like a television or a refrigerator – the possibilities are endless. A decade or so ago, taking a Personal Loans was not common. Now, with rising incomes and increased competition among banks to improve their credit portfolios, Personal Loans have become more accessible to get. There are various advantages of taking Personal Loans. Banks these days offer attractive interest rates as well as the flexibility of repayment. Money Solution can help you decide on a Personal Loan with options from over 70+ banks and NBFCs (Non-Banking Financial Companies).

No Collateral – This is the most significant advantage of taking a Personal Loan. It is the most convenient option from the customer’s point of view. You do not need to mortgage an asset for taking a Personal Loan. No end use requirement -You can avail a Personal Loan for any purpose. There is no compulsion on borrower’s part to disclose the use of funds. However, banks do take a declaration that you will not use the loan for speculative purposes. Quick processing – These loans are available with out any security. If you satisfy the eligibility criteria, you get a Personal Loan approval in a short period. Certain banks give online approvals too. Fixed Rate of Interest – Banks decide the rate of interest on personal financing at the time of processing the loan application. It remains fixed throughout its tenure. Hence, you need not worry about variable EMIs (Equated Monthly Instalments) or interest rate fluctuations. Repayment flexibility -The average repayment period of a Personal Loan ranges from 36 months to 84 months. The more extended the loan repayment period, the lower the EMI. Individual financial institutions allow you to repay the interest amount alone every month with the arrangement of paying a pre-determined amount towards the principal repayment at the end of the year.

Each bank has its individual Personal Loan scheme with varying rates of interest and repayment periods. They also have different methods of reviewing loan eligibility. It can all be very confusing, and Money Solution can help you through the entire process. Applying for a Personal Loan with Money Solution is an advantage because we do the hard work for you. We will collate the information on a single screen where you can compare the different products. We provide the requisite information and guidance in the following manner. Help you in determining eligibility depending on your income and repayment capacity Compare different products on offer and help choose the most appropriate product for you Highlight the processing fee of different banks thereby helping you to select the Personal Loan that offers the most significant benefit Ease of documentation with a quick turnaround time Since we host several products from various Banks and NBFCs, you are not restricted and have several options. Money Solution has Experts who can: Assess your profile and determine your eligibility Analyze your repayment history and advise you accordingly Decipher the fine print, especially in the case of seemingly attractive offers.

The rate of Interest – The rate of interest on Personal Loans is between 11-14% depending on your credit score, income and so forth. Loan amount – You can get a Personal Loan for as low as 50,000 and as high as 50 Lakhs depending on your requirement and eligibility. Loan Tenure – Festival loans are available for periods as short as 12 months. The average tenure for a Personal Loan is between 12 and 60 months,depending on the loan amount. Security – Due to its unsecured nature, collateral is not required Loan Turnaround Times – A Personal Loan typically has the fastest turnaround time in the industry. Many banks approve Personal Loans with in 48 hours after submission of the online application. Processing Fees – It depends on the individual bank. Itusually ranges between 1- 2% of the loan amount. Pre-payment Penalty – Banks charge pre-payment penalty if you repay your Personal Loan before the determined period. The charges range between 1-2% of the outstanding amount on the date of closure.

Credit Score – This is the most crucial eligibility factor. A credit score of 650 or above is typically considered good score. The better your credit score, the higher are your chances of getting a Personal Loan.

Employment – Employees of listed companies, Central and State Governments, and public sector undertakings are eligible for a higher amount.

Work Continuity – You should be a long-term employee of your current organisation. In case you are self-employed, the continuity of business and income is the most critical

Age of the borrower – The minimum age requirement is 21 years. Banks have their criteria for deciding the maximum age limit. In most cases, your age at the end of the repayment period should not exceed 70 years.

Who is eligible to apply – Salaried persons, self-employed professionals, and self-employed persons are eligible to apply for a Personal Loan.

Eligibility amount – It depends on the bank sanctioning the Personal Loan. Various factors like gross income, take-home pay, other loan instalments, and Credit Card liabilities determine your eligibility. You can use Monry Solution’s easy Personal Loan EMI Calculator and determine eligibility.
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