There are some instant online loan portals available, which offer different kinds of loans including personal and bike loans. Personal loans are always required for an emergency situation, because you need that cash amount instantly. Personal loans are easily available in India and they come in different names or types, like consumer durable loan, loan for marriage, medical emergency, pension and festival. Money is the most important thing for human life and when you need money you need to approach your banker. There is a problem with Indian bankers regarding loans and investment, because of their unexpected delay and their proceeding of loan which takes maximum days. Apart from that if you are taking the amount from a private money lender, then you have to repay the double amount including interest. So the most convenient way to take the personal loan is from the online financial consultants, and you can easily apply for the loan thorough their portals and get the instant approval within few minutes only.
Difference between secured and unsecured personal loan:
Secured loan always comes as the first choice for banker and financial institutions, because for this loan you need to mortgage your valuable assets like home, car, ornaments or property. In this case, you need to submit the original papers of your property to the banks, and they will disburse the amount against your property value. If you do not repay the amount within time period then bank shall take your mortgage assets and auction it at any cost. In such cases, firstly bank shall inspect your property physically, and then calculate the original market value of your property and provide you the money accordingly.
Unsecured loan is totally different and in this case you do not need to submit or deposit your property papers at any cost. You just need to submit some photocopy of your ID proof, address proof, income certificate and bank statement. If you have any credit card and you did not miss any payment of your card, then you can easily get the online loans within on day only. Although those who do not have any credit cards, are also eligible to apply for the personal loan as the online financial consultant shall generate the free credit reports and help you to get the personal loan instantly.
Why do you take the personal loan online?
- Online personal loan providers offer you the lowest interest rates starting from 11.99% per year only. You can easily compare the interest rates of the different online portals and select the best ones accordingly.
- The proceeding of personal loan from online portal is very simple. You just need to submit your registration form online and get the approval instantly within few minutes.
- After getting the approval, your amount shall be credited to your bank account within two days only.
- There is not such commitment which can affect your credit score in future.
- If you want to make any prepayment, then these online portals do not charge you any additional amount. When you feel to pay some extra amount, you can pay it and the amount shall be less from your rest loan amount instantly.
Advantages of personal loan calculator:
You will find a personal loan calculator from online portal and it will make you understand your exact EMI. If you need to calculate your EMI manually, then you have to divide the instant cash loan amount by the tenure of months then add the interest on yearly basis. But the virtual personal loan emi calculator displays the accurate monthly installment automatically.