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Finance

What is a Personal Loan?

In simple terms, a personal loan is money that you borrow from a financial institution. You can get it from a bank, credit company or private lender. It can be repaid along with interest in instalments over a set period.

With a personal loan, you can get a loan through loan brokers. Buddy loan have a track record of disbursing large amounts of loans in a short time. Based on the borrower’s profile, loan aggregators determine the best match.

There are many types of personal loans

In India, personal loans fall under the following categories:

  • A wedding loan: This personal loan is what you need to plan your big day. You can book the venue, cater, buy jewelry, and take care of guests’ accommodation with the confidence that you have strong financial backing.

Main features

(A) Loan amount starting at INR1000 to INR25000000

(B) Repayment terms from 3 months to 6 years

(C) Minimal documentation

* Home renovation loan: Get a loan to help you beautify, fix up or upgrade your home.

Main features

(A) Maximum loan amount of INR4000000

(B) Maximum 30-year repayment term

(C) Interest Rate starting at 9%

* Travel loan: This allows you to travel anywhere you like. You can also pay your bills later. A travel loan can often be combined with travel insurance. This ensures that you are protected from any unexpected financial emergency.

Main features

(A) Maximum INR4000000

(B) An easy and fast process for documenting

(C) Extended repayment term up to six years

* Education loan: There are many lenders that offer education loans. It can be used to pay tuition fees or for overseas education.

Main features

(A) Maximum INR25000000

(B) Low interest rates, which generally start at 9%

(C) Extended repayment term up to 15 years

* Pension loan: This is for retired personnel. The eligibility criteria are usually very flexible. Some lenders offer loans up to ten-times the amount of the monthly pension received.

Main features

(A) Loan amount starting at INR25000 and ending at INR14000000

(B) The average interest rate starts at 9.30%

(C) Extended repayment term of up to five years

India Personal Loans Eligibility

It is easy to determine your eligibility for a personal Loan in India. You can find an online calculator for personal loans eligibility on the Internet. It is all about the information you provide. This tool will give you an estimate of how much money you could borrow from a lender.

Is the CIBIL score important?

When applying for a personal loan, your CIBIL score is crucial. The safe range is between 750 and 900. Your chances of getting it are greater if you have a higher score. The approval rate is higher for those who apply early.

How do I repay a personal loan?

It is easy to repay a personal loan. This is all you need to do:

* Give it the highest priority

* Increase your earnings to increase the amount of your payment

Personal loans are the best way to realize your goals and dreams. It only requires a little bit of planning and care.

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