We all need money. In order to cater to the lifestyles we lead, we need credit, more or less. Oftentimes, our steady sources of income aren’t enough to suffice our financial requirements and thus, personal loans come into the picture. Personal loans are those types of unsecured loans that an individual takes for his requirements on a personal level. The idea of acquiring loans could stem from the basic need of renovating your home to some fancy vacation that you and your family has been rooting for. Usually, the tenure of a personal loan is from 12 to 60 months, but that is variable depending upon the needs of the customer. The repayment of such loans is carried out by evenly fractionating the compounded amount which carries the interest. These fractions are called Equated Monthly Instalments (EMI). Such loans are usually granted without the customer having to mortgage any of his/her assets, but institutions take into consideration a multiplicity of factors such as – income level, credit history, employment status, age, occupation, etc. The bank or the institution concerned, takes these factors into account before lending the money to gauge the repayment capacity of the customer. Since there is no collateral involved in the procedure of obtaining personal loans, the interest rate is relatively higher as compared to home or car loans.
It is upon the customer to decide the repayment period as per his/her convenience and payment capacity.
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