Loans are accompanied by several requirements. Getting a loan wasn’t easy back then and it is not a light task even now. Applying for a loan, getting your documents verified, then the lender sanctions the amount and the final step is the disbursement of the loan amount. One can say that it is a protracted procedure with complicated prerequisites. A small mistake can devoid you of the benefits of the loan. This is why a lot of times people get a terrifying feeling way before getting a loan. Providing collateral to the lender and paying back the principal amount with high interest rates becomes a burden after a while.
This is when a personal loan comes to your rescue. Personal loans are collateral-free loans. Granted to financially support individuals and entities to meet their personal needs, personal loans are easily accessible through various modes (online and offline). The personal loan interest rate charged by the banks and NBFCs (Non-Banking Financial Companies) is less when compared with other forms of loan. The repayment schedule can be modified as per your comfort. The principal amount and the personal loan interest are spread over the tenure of the personal loan in the form of Equated Monthly Installments (EMIs). There is no need for you to drown yourself in the paperwork and complicated documentation.
Personal loan policy does not require you to present a guarantor, which is a must in most forms of loan. a guarantor is a second party who guarantees on behalf of you while you are getting a loan. The guarantor has to take responsibility in case you make default in the payments. Finding the right person as a guarantor is a difficult task. Taking up a guarantee is not something that a person would prefer to do causally. Nobody assumes this kind of responsibility that easily. This is not the case with personal loans as you are not required to have a guarantor while getting a personal loan.
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