There are many types of loan available in the market. Each loan is designed to fulfill one need or the other. What is gaining popularity lately is one type of a loan which is called personal loans. Personal loan, being a non secured loan is one of the most opted loans in the market.
Personal loans can be opted and be used for many tasks with no strings attached. The debtor will never ask you for details on where you will be using those funds. You can use the loan money for paying your medical bills, using funds for marriage, etc.
Is getting a personal loan easy?
There are many ways you can get this loan. The loan lenders are just waiting for you to ask and they will sanction. There are many attractive loan schemes available if you would like to opt for one. ICICI Personal loans offer you the best schemes available in the market with speedy process for this loan. In some cases if your credit score is good, you have pre-approved loan offers available for you which help you with the loan amount within few minutes.
What has really fueled this growth?
We live in a digital age, where everything is available to you within snap of your fingers. You can do miracles with the help of your smart phone these days. This practice has also given boost to the financial sector and is helping financial sector to speed up the process with ease.
Lenders are going online
Many banks are taking their loan operations online. About a decade ago, if you wanted to opt for a loan, the process was really hectic. You needed to go to the bank, stand in queue and the whole loan process used to take around seven working days. Not to forget loan agents, who used to commit on getting the loan sanctioned and get their commission out of it? This has changed, now you can buy any financial product just with a mouse click and in some cases the money gets transferred to your account within minutes.
New lenders in the market
There are many lenders in the market who are providing personal loans with such ease. Not only banks, but there are many new finance tech companies which help you get various type of loan. With such lenders you don’t have to get out of your home at all and everything is sorted by the lender over the call or by electronic mail. A lot of NBFCs who used to provide only home loans are also shifting their focus on personal loans. They provide competitive schemes which make the customer king when it comes to loa hunting.
There are lenders who are really strict when it comes to providing loans to people who have a bad cibil score. On the other hand there are many lenders who provide personal loan with bad cibil score as well. Cannot believe? But it’s true. More than 66% of Indian population has a bad cibil score. The lenders have to make way to run their own lending business. What lenders do is that they process the loan on higher interest rates and processing charges for those who have bad cibil score. This helps the needy to get a speedy loan and the lender also banks on such opportunities.
This features makes personal loans one of the best loans to avail in the loans market. Getting a loan can be an easy task but paying back can be a problem if you have over availed the loan. Be wise and know your requirements before you opt for a loan.
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