What is Personal Loan & Types of Personal Loan

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A personal loan is a smaller loan than a mortgage and is generally used to finance a car or other vehicle, renovations to a home and a great number of other things. View the presentation to learn more.

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What is Personal Loan Types of Personal Loan

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What is Personal Loan • A personal loan is a smaller loan than a mortgage and is generally used to finance a car or other vehicle renovations to a home consolidation of debt to finance a vacation of one kind or another and a great number of other things. • This type of loan program is available for both salaried and self-employed individuals. • Personal loans are offered anywhere between the range of 1 lacs to 15 lacs depending upon your requirement and fulfilment of eligibility criteria.

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Types of Personal Loans Secured Personal Loans Secured personal loans are loans which are allotted against a collateral security These schemes are better suited for you if you want to take a bigger loan amount and a longer repayment schedule Hence this kind of loan program gives you quick and sufficient monetary assistance in regard with your needs The interest rates are also on the lower side as compared to the unsecured variant Another nice thing about this type of loan is that you can get a quick and easy sanction owing to the fact that you have already placed a collateral security Banks are more assured of their investment while sanctioning a secured loan application

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Types of Personal Loans Unsecured Personal Loans Unsecured personal loan program is the opposite of the secured one on almost all counts In this type of program you are not required to pledge anything as a collateral though a high credit score is desirable Unsecured personal loans are ideal for those who can’t place a guarantee against their loan claim Since there is no security involved this scheme is generally lent out for a shorter repayment tenure and with a slightly higher interest rate However you can get your application sanctioned just as quickly as the secured type once you fulfil the necessary criteria.

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Summary C Axis Bank Ltd. Personal loans are one of the easiest forms of finance that are available today. The advantage of personal loan lies in solving unsorted personal expenses. Just make sure you are familiar with your needs and budgetary limitations before availing such a loan. Learn more about personal loans and its various types at It’s All About Money.

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THANK YOU Visit www.itsallaboutmoney.com to know more.

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