Personal Loan

Are you a self-employed or salaried individual trying to meet both ends? Have you given a thought about personal loan option? When there is an unusual expense like child’s marriage, renovation of your home or furnishing, children’s higher education, family holiday, or any other dream to be turned into reality, make use of the personal loans.

Banks and non-banking financial organisations provide a Personal Loan to satisfy the personal financing needs of the consumer. A lender will provide loan at some interest rate to the customers for a fixed time period. The borrower then uses the loan amount for any personal purpose. The borrower not answerable to the lender about the usage of the personal loan.

Also, personal loans are unsecured loans, which means that there is no need for any kind of collateral to avail them. There is no need to commit anything to the creditor as security. As such, none of your property or asset at risk, should you fail to repay.

Personal Loans have the simplest method of operation.

Let us take a look at the working of personal loans. The processes mentioned here can differ from lender to lender.

The applicant applies to the lender for a certain amount. Based, on the eligibility of the applicant, the lender issues an offer with the final loan amount, processing charges, interest rate and the tenure and indicative broken period of the loan.

If the applicant likes the offer, they sign a loan agreement. A loan agreement is a legal contract between the lender and borrower.

The loan amount is disbursed to the applicant, upon signing the loan agreement.

The processing fee involved can be paid by the borrower separately or deducted from the loan amount.

Loan amount is always disbursed one time and in full to the borrower. The borrower, then can utilize the money as per their need and purpose. They do not need to inform the lender about the usage of the loan amount.

Loan repayment starts once the broken period is over. An EMI is deducted per month from the borrowers account on a previously agreed date. The deduction can be through either of the following: NACH, ECS or cheques depending on the loan agreement. This deduction goes on till the full tenure or until the prepayment by the borrower.

In lieu of the loan amount provided, the lender charges some amount on top of the principal amount. This extra amount is call the interest. Interest is always a certain percentage of the principal amount. This percentage is known as the interest rate.

With some lenders, there can be additional processes involved. Also the documentation may vary depending on the borrower’s profile, until the lender is satisfied.

There are several features which makes them the first choice for anyone who needs money urgently.

They are a highly beneficial financial credit facility in the case of sudden and immediate need of money. And can be availed in situations whenever there is an unusual expense like marriage, renovation of home or furnishing, children’s higher education, family holiday and from funding your start-up business to purchasing an upgraded gadget. Or, to turn any other dream to reality.

They are also, a great source to maintain and manage your cash flow during cash crunches. The point, which makes it even more useful for the customers, is its wide availability and multipurpose nature.

One can avail these loans for multiple reasons which can be either personal or professional.

You also get the option to repay your borrowed amount gradually in the upcoming years.

Just use the simple application form above to apply.

Life has various ways to provide us surprise in a good manner or in a bad way, we cannot predict. We may need money in both situations. Whether it’s an occasion of happiness or any type of emergency we may need money beyond our savings. In all such cases, personal loans are the smartest option for us.

Let us have a look into the features which make them so.

Multipurpose: The loan amount can be used for any personal use.
Affordable Rates of Interest: The lowest interest rate is 9.60%.
The Simplicity of Repayment: The loan amount gets auto-debited from the bank account in EMIs.
The Speed of the Process: It takes only 3 days from start to finish.
Minimal Documentation: Only basic KYC documents along with bank statement and income proof is required.
It is for Everyone: It is available to both salaried employees as well as self-employed professionals and non-professionals.
A wide range of Loan Amount: The loan amount ranges from ₹1000 to ₹5,000,000.
Flexible & Long Tenure: Tenure ranges from 12 months to 60 months.
Collateral-free: No security or guarantor is required.
Convenience: Can be applied from anywhere, anytime without visiting any lender’s office.
Personal loans are easily available in India. You just need to fulfil the eligibility criteria and need to have the documents required in place along with a good CIBIL Credit score. Banks and NBFCs offer loan amount typically ranging from ₹50,000 to ₹5,000,000.

Below is a list of all the personal loans available in India.

• Debt Consolidation Loans
• Festival Loans
• Wedding Loans
• Travel Loans
• Medical Expenses Loan
• Loans for Low CIBIL Score
• Same Day Loans
• Top-up Loans
• Loans for Small Businesses
• Refinance / Balance Transfer
• Private Loans
• Peer to Peer (P2P) Loans
• Personal Loan for Self Employed

Personal Loans are a very fast and efficient method of getting the required fund in the time of need. And why not, compared to all other loans, they require minimal documentation and are processed faster. The process starts as soon as it is applied for.

Let us have a look at the steps involved so that you can get an understanding of the entire application process at Finance Buddha. Right from applying to the loan disbursal into your account.

Online Application
The application process starts when you choose a particular lender and fill up the application form above and hit the Submit button. Once you hit the Submit button, your application gets registered in our database.

Confirmation and Welcome Call
Once we have received your application, someone from our team will get in touch with you to verify that it was really you who applied for the loan. Once verified, our executive will explain to you all the details about the lender and its product that you have applied for.

In the case, if a better offer exists for you, then the same will be suggested to you. After you confirm the application, a schedule will be fixed for the documents collection.

Documents Collection
Our executive will visit the pre-decided place at a time of your choice to collect all the required documents and get your signature on the application form.

Details Verification
Our team will verify all the details provided you for the authenticity once you provide all the required documents and a signed application. All the details will be confirmed only after they have been checked and crossed-checked.

Submission to the Lender
We will submit all your documents and your application form to the lender on your behalf so that you can carry on with what’s important to you. The lender may or may not call you to confirm the details. They will also then carry out a verification process at their end.

Approval and Disbursal
The loan processing is complete after the lender verifies all your information.

The lender then, will inform you in detail about your final loan offer. It is at this stage that you will get to know the following:

• Final loan amount.
• The interest rate on the loan.
• The tenure of the loan.
• The processing fee and other charges (if any).
• Terms and conditions of the loan.
• The lender will convey the same to you on your preferred mode of communication.

If you like the offer, then the lender will ask you to sign a loan agreement. This will complete all the required steps.

The loan amount will be disbursed immediately.

The advantage that you get when you apply for a personal loan with Finance Buddha is that you just need to apply. Everything else thereon, will be carried out by our team, and the loan amount disbursed to your account.

All this happens without any hassles of you running around and visiting any offices be it ours or the lenders.

Just apply for a personal loan and let Finance Buddha take care of everything else.

Different lenders offer different features and benefits. These features and benefits offer solutions to different types of borrowers and their needs.

Each borrower has their own need. And, fall into different categories from one another.

While, a high earning individual may need a loan for home renovation. On the other hand, a low income employee might need it to cover additional monthly expenses. Expenses which were unforeseen or unavoidable, but without the necessary money to meet them.

As such, the requirements of both these types of borrowers are different from each other and require different solutions to them.

Also, both of these borrowers have different profiles from each other.

Hence, there is no perfect offer which will suit all borrowers. And, no particular lender would be able to cater to all customer profiles.

Therefore, the best personal loan for you will always depend on your eligibility and needs.

We cannot emphasize enough on comparing available offers online before applying to get the best offer.