When
a fixed amount of money is lent to the borrower with a fixed repayment time, it
is called personal loan. They do have a fixed interest rate over the repayment
tenure. Further, personal loans are segregated to two other categories,
unsecured and secured, which we shall discuss more on.
Buddy Loan offers a
solution to each of your financial nuance, with a wide pool of lenders. It
disburses unsecured loans, yes loans without a collateral with lower interest
rates starting at 11.99%p.a.
Types of loans:
Personalloans are of two types, basically, secured and unsecured. Secured are those
loans which require an asset from the borrower, whereas unsecured needs no
collateral at all.
With
the highest loan approval rate in the industry, Buddy Loan offers a solution to
each of your financial nuance at your fingertip. The below 9 types are the
basic types available now.
·
Business
·
Travel
·
Medical
·
Home
·
Gold
·
Marriage
You
can definitely enhance your credit score if you’ve a poor credit history but
with higher interest rate and as you keep with your EMIs you can make up your
credit score. Checking your credit score every once in 4 months can help you
gauge the graph and the following benefits from it. Buddy Loan disburses loans
starting from Rs. 1000 to Rs. 15 lacs.
Business
loan: A
personal loan that is availed on business enhancement during a financial
shortcoming.
Two/
Four – wheeler loan: This
is the easiest personal loan to avail to buy a vehicle at on road price.
Travel
& Education Loan: Instant
loans for overseas travel and education. Travel loan covers all the expenses
from accommodation to holiday planning, while education loan covers the yearly
tuition fee and its education laterals.
Home
& gold Loan: A
personal loan i.e. approved on the basis of home improvement loan, land
acquisition, construction, or home refurbishment.
Medical
Loan: Often
known as the emergency loan is availed on the grounds of medical emergencies
and for treating health issues.
The new adage:
·
Festival loan
·
Top-up loan
·
Bridge loan
·
Agricultural loan
·
Pension loan
·
Personal computer loan
The
overall personal loan in India have a variety of reasons and names to make
availability more diversified and easier.
Conclusion:
It
is by far easy to avail and repay the instant personal loan as the process is
hassle free and involves very minimal documentation. All the personal loans
mentioned above are asserted with specific interest rate and a tenure extending
from 3 months to 5 years.
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