Most Personal Loans Are Collateral-free
Non-banking financial institutions and fintech companies in India are promising collateral-free loans to first-time borrowers with no prior track record to promote personal loans. Adheer Dhar, the head of personal loans at Clix Capital thinks personal loans may also be a great way of debt consolidation, i.e. use of fresh personal loan to repay the existing higher rate loans or a card outstanding.
Evaluating the maximum monthly instalment towards loan repayment based on your income and monthly expenses will provide an indicator to choose the most suitable tenure.In some cases, loan companies providing a clubbed offering such as an insurance policy can influence your decision towards opting for a certain personal loan.Ease of Access
With almost every second financial institution in the country offering personal loans, it is worth considering the processing time to avoid paying any unnecessary interest amount. Do’s and Don’ts For Availing Personal Loans
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