FAIR Deals for Personal Loans

Types of Personal Loans

• Obtain personal instant loans quickly and effortlessly. Access the funds you need with ease and convenience in this informative article.

  • In certain scenarios a situation might arise suddenly where you need funds urgently. In such times, you can avail small loans offered by various banks. These loans can help you settle expenses that cropped up due to unforeseen circumstances.

    What Are Personal Loans?

    Small instant loans are a kind of personal loans with no-end–use purpose defined. They are unsecured loans and require no collateral. It is a short term loan issued to meet urgent funds requirements. You may apply for the loan online through a simple and easy process. Some banks may prefer giving the small instant loan only to salaried people. You may use the loan to finance medical bills, a vacation, wedding, home repairs or it can be tailored made to suit your short term fund requirement.

  • What Are The Benefits Of Applying For Personal Loans?

    • No Collateral –

    Personal loans being unsecured loans, they do not require any collateral to be deposited as security to get the loan disbursed. This is helpful especially when the borrower has nothing to offer as a security but is in dire need of funds.

    • Minimal Documentation –

    The lack of collateral also ensures that by submitting the minimal documentation you can get your loan approved quickly.

    • Quick Disbursal –

    The funds are disbursed shortly after the loan application gets approved. Thus, there is no waiting for the loan to be disbursed.

    Before opting for a personal loan, it is important to understand the following aspects –

    • Interest Rate –

    Since personal loans are unsecured in nature, they carry higher interest rates. For this reason, it is important to budget for a required amount and then apply for a loan. While you may get a higher loan amount, the EMI will also increase. Hence, applying only for the required amount is necessary. Opting for a higher amount with costly EMIs can potentially lead to a debt burden, especially if the business does not grow as projected.

    • Repayment –

    Tenure for repayment of personal loans is usually three to five years. But the borrowers have the flexibility on deciding the repayment period based on the projected cash flows from the business.

    • Documentation –

    Before applying for personal loans, borrowers must keep all the required documents such as a copy of PAN card, Aadhaar card, and last three months of bank statement ready. Submitting all the documents on time could fasten the process of getting the money.

    • Terms and Conditions –

    It is important to understand other charges such as foreclosure or pre-payment charges, penalties along with other terms and conditions.

    Conclusion

    FAIR FINSERV is trusted financial aggregator providing personal loans. They offer loans at an attractive rate of interest and ensure that the repayment will not create a financial burden. Furthermore, FAIR FINSERV personal loans have no hidden costs or charges. Once you apply for a personal loan with FAIR FINSERV, you can be assured of an ideal loan product with utmost transparency.