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Why the best time to opt for a personal loan is now!

Demonetization and Personal loan

The demonetization of the Rs.500 and Rs.1000 currency notes witnessed uproar in the country. Citizens of the whole nation deposited their cash in banks. There were many banks that slashed the deposit rates, which bought down the lending rates as well. At present, prevailing interest rate is at a six year low. With such low rate of interests, your monthly EMI will also tend to come down. As such, this is the perfect time to opt for a personal loan if you need one.

Benefits of a personal loan

There are several advantages of taking a personal loan now:

I) The interest rate being the lowest since the last six years.

II) You will be able to get loans with less than 12% interest rates.

III) There is little documentation required for acquiring a personal loan.

IV) It takes very little time to apply and as such you receive your loan within 72 hours.

V) It is possible for you to avail the additional tax benefits on the personal loan.

VI) The repayment options are flexible, allowing you to repay the loan as per your convenience.

Applying for a personal loan

1) Firstly, you need to check the interest rates that are available. You can look them up online to compare and get the most suited deal for you. At the same time, you can also look up the additional fees and charges that are levied.

2) You have to decide on the loan requirements and select the amount. You can select the amount up to 25 lakhs. You have to repay it in a span of 12 to 60 months.

3) Once you provide your financial details to the bank or NBFC, you will receive a customized offer. If you want, you can ask for a loan offer that is pre-approved.

4) A CIBIL score will measure your ability of repaying the loan. If you score well, there is a possibility that you will get a good deal.

5) You can either apply for the personal loan online or at the bank branch. You only need to submit all the necessary documents and pay a small processing fee. You need to submit your identity proof, address proof, your latest salary slip and form 16 (Income Tax). The amount will reach your account within 72 hours.

It would be wise to take advantage of the current prevailing market scenario and apply for the personal loan. The easy application process is sure to remove your doubts and fears of debt, allowing you to reach your financial goals.

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