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Maximize the benefits of personal loans with interest calculators

There is a vast increase in the number of consumers who are availing personal loans for their purchases. They come extremely handy for emergency needs and also help in recovering from a financial crisis. For purchases that are not covered by different loans, people can use personal loans for covering expenditures that are related to weddings, home renovations, car repair, or even a big vacation.

Personal loans are a kind of unsecured loans, which means they do not require any type of security deposit in the form of an asset. However, due to this reason, personal loans result in having a slightly higher rate of interest.

Personal loan

Eligibility criteria for personal loans
 

The eligibility criteria for availing personal loans is not too strict. The financial institutions are mainly concerned about the repayment capacity of the borrower as there is absence of any security - so it is ultimately a slight risk for the financiers. They pay crisp attention to the credit history and CIBIL score of the borrower - which determines their repayment capacity. Furthermore, personal loans also have a minimum income limit associated with them, which is Rs 12,000 is semi-urban areas and 15,000 in bigger cities like Delhi and Mumbai.

Individuals who have a good credit history and CIBIL score are able to get personal loans at reduced rate of interests. Applicants with a bad credit history may also be approved a personal loan but in that case, the interest rate will be very high.

Before availing personal loans, it might be a good idea to use a personal loan calculator so that you can calculate your interest rate precisely and manage your finances effectively. A personal loan interest calculator ensures that you avoid any nasty surprises with finances later on. Once you know exactly what you’ll be paying off each month in EMIs, you can well plan the other finances as well.

Benefits of personal loans:

1. Fast Processing: Personal loans don’t require comprehensive paperwork. Most banks grant personal loans almost instantly if the borrower has a good enough credit history or is an existing customer.

2. Builds on credit history: Personal loans are an excellent way to expand and build your credit portfolio within a short span of time. Moreover, they can be a great way to increase your credit limit too as the credit limit is directly proportional to the health of the credit portfolio.

3. Flexibility: Personal loans are very much flexible in nature. Individuals are under no obligation to use the amount in a particular way. They can use it for supporting your business, to pay for a wedding, make home renovations, or even provide for a medical emergency.

How to get personal loans:
 

Step 1: Determine your requirements first. Figure out why you need a personal loan and the amount you’ll need to suffice.

Step 2: Check whether or not you’re eligible. Refer to the eligibility criteria provided above.

Step 3: Calculate your monthly instalments and keep your other finances in sync with the loan.

Step 4: Approach the bank or NBFC. You can do this by either visiting their store or website.

Step 5: Submit the necessary documents such as income proof, address proof, and bank statements, among other things.

 

Clix capital, a digital NBFC, is one of the best personal loan providers out there. They are known vastly for providing instant personal loans with minimal documentation and quick processes. You can even get your repayment plan customised based on your financial needs and requirements. It’s a hassle-free process!

 

 

 

 

                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                

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