The personal loan is an ideal way to get a quick financial aid especially when there is a need for it. These loans cannot be used for any business or commercial uses but rather, a more personal use. We give you several reasons as to why you should apply for this type of financial aid when there is a need for a large amount of money in a short time.
1. Multiple Benefits
There is no single use for this kind of financial credit. The personal loan can be used for various purposes like travel expenses, medical expenses, purchasing luxury items like jewelry and electronic items. As long as this loan is not used for any commercial or business uses, this loan is most beneficial for any urgent need for cash. The range of this loan can vary from Rs. 25 thousand to over 6 lakhs along with very attractive interest rates that can be calculated using the personal loan emi calculator. This kind of fast finance will help you set your short term financial goals over a fixed period of time.
2. No collateral
This kind of financial help requires no collateral as security, i.e. this type of financial assistance is anunsecured loan. This makes repayment an easy process as there is no pressure on you to pay back the finance as there is no personal collateral that is at stake to be lost. However, the interest rate will be higher than normal; you can easily negotiate this interest rate with the banking institute along after you have used the personal loan emi calculator to calculate the ideal rate to suit your need.
3. Fast processing time
The processing for this kind of financial aid does not take a long period of time. Once you have adjusted on the value of the loan you would require, you can easily calculate the interest rate you will be required to pay back using the personal loan emi calculator. As it requires minimum documents to verify and no security collateral to review, the application process is considerably short making the approval faster. You can adjust the repayment tenure if you have opted for a floating interest rate as it will allow you to pay off your loan faster than you could have with an unsecured one.
4. Helps in boosting credit score
This kind of instant monetary aid will help you boost your credit score if it is low. Once you have got the approval for the application, you can easily repay it in monthly installments at the right period of time. If the loan amount is short with a low interest rate, you can easily repay it in fixed period of tenure, thereby positively impacting your credit score.