This personal loan can also be referred to as a fixed amount that is disseminated in a very lump sum and is paid back at a very fixed rate of interest over a very specific time. Offered as both a secured as well as unsecured credit option, this kind of loan-seekers usually go for the latter, considering that this does not require any kind of collateral. These personal loans are normally used to pay off very short-term debts like any kind of funding a significant purchase or meeting the high expenses of big life events. whichever, they also come with their own set of drawbacks.
These personal loans can also be extremely obstinate in the terms of the total amount borrowed and easy repayment schedule. As the total amount is disbursed in one go, the interest rate is also charged on the total amount. Moreover, as the good repayment schedule is always fixed, you do not get to choose the EMIs convenient for you. These kinds of limitations do not end here. The very biggest hurdle accompanying the personal loans is the prolonged approval process, which always makes this kind of option unfeasible to meet all the unexpected cash crunches.
The credit line operates on this kind of line of the credit card, but with this convenience of cash. The credit line always comes with good flexibility of withdrawing the total approved limit at once or only the amount needed, when required. The very good part rate of interest is also charged only on the amount used. That is not all as the good credit is repaid, the original credit balance gets also replenished. Whichever, considering the pros as well as cons. This can be derived that both personal loans as well as credit lines require the potential borrowers to have at least a good fundamental amount of financial discipline.
This Indian Overseas Bank personal loan also offers two personal loans that are also particularly very attractive to some types of borrowers. This bank always has a very low minimum income requirement for other kinds of personal loans, making it a very good option for those with also modest incomes. Additionally, Women that seek personal loans that always require full percentages of collateral security should also consider this IOB due to the very low rate of interest that it offers these borrowers.
This bank does not provide any other kind of additional details regarding fees related to this personal loan on the website. Whichever, the other personal lenders in India typically charge fees for very late payments, all the bounced cheques as well as cheque swapping. We also recommend that all the borrowers enquire about this Indian Overseas Bank personal loan processing fee before applying.
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