Personal Loan –Mostly, all banks offer personal loan. The good thing about personal loans is that one may spend this money however one likes. This personal loan amount can be utilised to go on a vacation, purchase Jet Ski or buy a new smartphone. Credit card Loan – This is meant for users who need money quickly. You may avail this type of loan from your credit card carrier or any financial institution. This is an easy to get credit with very high rates of interest. Student Loan – This is a great option to assist college education. Most common loans in this category have very reasonable interest rates. As full-time college student you don’t have to payback these loans immediately. However, the same needs to be paid back once you complete your education and start work.
Features and Benefits
One needs to be of a minimum age of 21 years and should have a valid set of documents like ID, income and residence proof, among other documents, to avail a Personal Loan from Bank.
To ease the burden of paying off the Personal Loan immediately, you may opt for the EMI (Equated Monthly Instalment) facility. The repayment tenure can range from anywhere between 12 to 60 months. If you’re an Bank customer, you can avail the best rates for Personal Loans!
To know how much you need to pay per month, there is a Personal Loan calculator at your disposal. You can choose your tenure and the amount that you are comfortable repaying each month for the chosen tenure. With the Personal Loan EMI Calculator, you can also calculate the compound interest and know exactly how much you need to finally part with - including the interest.