Personal loan for filling in gaps

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Let it be a pandemic like the Covid 19 or any financial crisis like that of 2009 or any other personal emergency, when the times are uncertain and sources of income are hampered personal loan is opted by many people to fulfil their needs and responsibilities. A personal loan is a specialised financial instrument that enables a person to lend some money from the money lending institute at some specified rate of interest which can be paid back in easy EMI’S (equated monthly instalment). A personal loan can be used for a variety of purposes like paying medical bills or going to travel abroad. There is no bar on how the amount can be used by the borrower. The process for procuring a personal loan is easy and a rapid one. A person can approach the lending party and submit the application with the supporting documents. They may also ask for other verification documents to be presented according to the bank or lending institutes policies.

After all the documents are verified they may give you a quotation with the interest rate they are ready to provide to the borrower. If all the conditions are accepted by the borrower the institute and borrower may sign a loan agreement. The interest rate provided by the bank may vary from institute to institute depending on various factors. Yes Bank Personal Loan is also a personal loan instrument provided by the bank. They provide personal loans with the facility of the rapid application process and attractive interest rates. They provide personal loans which are usually not secured by any collateral so the bank cannot sell or auction any of your assets. As there is no collateral required by the bank in order to provide a personal loan that increases the risk factor for the bank so to counter this they may charge a little more interest on loan as per the companies policies. Personal loans starting from one lakh up to forty lakhs can be availed at the bank at highly attractive rates with EMI tenure starting at 12 months.

Also, there is no need to reach out to the bank to inquire about the possible EMI amount that should be paid for the desired value of the loan. One can simply calculate the EMI which includes interest for their existing or future personal loan with the help of a tool called Personal Loan Calculator. With this tool, one can calculate the EMI needed by them to pay off their debts.

The tool calculates EMI bases on the principal amount that is the amount of loan taken by the borrower, Interest rate charged by the lender and tenure for which the loan is procured. The loan calculator is lightning fast with results within a second and from anywhere in the world at your fingertips. The result showed by the calculator is the EMI amount to be paid every month. It includes the interest to be paid also. A person also gets a rebate in taxes when a personal loan is obtained. Thus personal loan has been filling the gap between a persons need or desire and his/her incapability to fulfil them at the moment. For once, dreams can wait but needs can’t.

Conclusion

A personal loan has been filling gaps between supply and requirement of funds by any individual. A person now doesn’t have to go to private money lenders or their friends and family. They can now directly get the amount of money needed by them from any bank in the form of a personal loan. The personal loan facility has been and will continue to help people in dire need and prove its importance.

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