Dignity is indeed invaluable. Nobody would want to put his dignity at stake by asking from those who are not willing to give. During these testing times, the person in need feels alone in the entire world with no one to share his burden, no one to get him out of the situation. However, there is a way by which he can fulfil his needs while keeping his dignity safe- loans.
Personal loans are availed by most of the people belonging to the average income groups. Needs and emergencies can strike anyone, any time. Most of us in India live from hand to mouth and it becomes quite difficult for them to take out few rupees in the name of savings. Loans give us an option to cater to our immediate requirements, immediately.
Applying for a personal loan in India is not at all a hard nut to crack . You can quite easily avail the facility of loans through banks or from any loan agency. Though the personal loans are broadly categorised as secured and unsecured, there are a number of categories in which the personal loans can be divided into viz. Consumer loans, Pension loan, Festival loan, Personal Computer loan, marriage loans etc. That means, whether it’s about buying an expensive electrical appliance for your home, giving a new look to your home during festivals or arranging for your daughter’s marriage, the personal loans are always there for your immediate assistance.
Minimum documents and eligibility criteria are the only things that matter before applying for loans. The bank aims at verifying your credentials and repayment ability. A clean, impressive credit record, proof of payment of previous year’s taxes and documents of income. The only thing one must keep in in mind before applying for a loan that the bank or the lending agency should be convinced that their money is in safe hands and will come back to him in due time. If it is satisfied with your credibility then you can pocket your loan amount almost immediately.
The bank charges the borrower some kind of processing fees and administrative charges which are generally merely 1% to 5% of the loan amount. In India, banks generally don’t demand any kind of mortgage or security for issuing a personal loan. They are only concerned with the repayment capacity and regular income of the borrower.
These days banks are offering a number of attractive schemes to add to their number of customers. For e.g. HDFC bank offers unique personal accident cover insurance to the borrowers. That means the borrower and his family get insured against accidents in addition to getting immediate financial aid.
If the borrower has a credit card which shows a good track record of payments, then the matter becomes even easier for him. The bank will be satisfied by the regularity and payment capacity of the borrower and grant him the loan amount without any hassles. If the debtor has borrowed any loan previously and paid it off in time, then too availing a new loan becomes smooth. He can strike the best deal and get the loan in lowest possible interest rates.