Personal Loan – One Answer to Many Problems

Are you thinking of buying a few lovely things for your home? Maybe you’re in the need of a new washing machine, a luxurious sofa set, or a car. No matter how much you crave for these things, most of the times you’re unable to pay for such big-ticket items out of your regular income. When in need of some money – why go about requesting your friends and relatives for the lending you some money. Instead, borrow the money from finance investment companies in Delhi, India – Personal Loan is the perfect answer here!

What is Personal Loan:

Personal loan, also known as unsecured loan, allows you to borrow a fixed amount of money over a fixed term, and at a fixed rate of interest. For example, you might borrow Rs. 50,000 over three years at 35%. So, you know at the outset how much you have to pay back each month, as well as total cost of the loan, making it easier to budget. Non-banking Financial Companies, Banks and finance investment companies in Delhi, India offer personal loans. Personal loan is also offered by many private financial outlets, but it is highly recommended that you keep your financial dealings secluded to regulated finance investment companies in Delhi, India only.

How Much Can You Borrow:

You can easily borrow anything between Rs. 50,000 to Rs. 5,00,000 in the name of personal loan. In case you want to borrow more than this you need to put an asset (such as property) as security. Interest rates vary, and bigger the loan amount, the lower the rate of interest. Therefore, it’s more profitable to take a larger amount as loan. Nevertheless, under all circumstance avoid taking a loan you cannot afford to service or repay.

Term of Loan:

The terms offered by finance investment companies in Delhi, India are typically one, three and five years. And, it can be highly convincing to opt for a longer term in order to reduce the monthly payments. Choosing to pay your EMI for a longer tenure may reduce your monthly payment burden, but you will end up paying more amount as a whole making your personal loan a highly expensive business. Also, the rate you pay will largely depend upon your credit score because lenders generally carry out a credit check when you apply for a personal loan. So, beware of poor credit history, it can lead towards turning you down flat by your lenders or charge a higher rate of interest.

A personal loan from Non-Banking Financial Company or finance investment companies in Delhi, India is sensible for the borrowers, but it’s also worth considering the alternatives as already mentioned.