Personal Loan Demand is high WHY?

With the growing factors of Indian Economy, the demand for the personal loans is also exponentially growing from day to day and we would like you to see the reason for it and learn and then eventually we would like to see, if you are going to be part of the increase crowd to avail for a personal loan like others today.

Personal loans in general are known to offer the best versatility in comparison to other types of loans. This can be opted depending on their convincing amount of their personal loan interest rates as well as dependable repayment timelines. 

These can be as a rescue loans in some of the following situations:

• The first and foremost is when someone faces unstable financial situations or circumstances, personal loans can be the ones to look forward to. These generally happen when the medical bills or health expenses are to be paid for. In such casing opting for a personal loan can be a huge benefit.

• Personal loans are preferred very much by the population of students these days, especially for their higher education considering to fly aboard. By taking a personal loan in the terms as a student and getting to enjoy most of the amazing offers and moderate interest rates to be paid for, is something to always look for.

• The most looked upon factor is that, personal loans require no back up with collaterals, because they are the unsecured type of loans and this can be an advantage to a huge number of people.

• The repayments schemes are pretty attractive to people out their, as these provide the repayments to be done in the EMI schemes, which might take half the pressure of the people and can smoothly be done on a monthly basis. Also, coming to the repayment tenors, it offers upto 60months of time period and it is also given as a choice to people regarding the period they tend to choose according to their convenience.

Let us look at one of the top most bank and their offerings in person loans,

Standard chartered bank personal loan:

1. This bank offers to avail a maximum percentage of 25% on the payments in a year.

2. It has some attractive interest rates at which a borrower can get upto ₹ 5p lakhs.

3. The interest rate Standard chartered bank personal loan offers is up 11.49% per annum.

4. It provides a repayment tenure between 12 months to 60 months.

5. Lucky enough that this bank customers also enjoy certain discount on the processing fees, if they tend to apply the personal loans through online basis or platform.

Also Read This-Get personal loans only when stuck in cash crunch