What is a Personal Loan?
A personal loan is the best go-to finance option when you are facing financial challenges and do not wish to borrow from friends or relatives. Whether you require funds for any big-ticket purchase, medical emergency, education expenses, or a wedding – you can get a personal loan easily and quickly.
A personal loan falls under the category of unsecured loans and is one of the most convenient credit options available due to a flexible repayment tenure. You can choose to pay the EMIs in pocket-friendly instalments over a period of your choice. This helps you meet your short-term and long-term cash needs seamlessly without making much of a dent in your monthly expenses.
Features of Personal Loan
There are several features that make personal loan, one of the most popular credit options. We have listed a few of them below.
- Easy Loan Amount Up to 25 Lakhs – Personal loans offered by lenders can go up to INR 25 lakhs. If you meet the eligibility criteria, you can easily avail a personal loan up to INR 25 lakhs to meet your immediate and future financial needs.
- Quick Disbursal – Clix Capital offers instant disbursals to applicants whose loan application meets our criteria. If everything is in order, the loan amount is disbursed within 15 minutes* to your bank account. The quick disbursal feature of a personal loan makes it ideal for financial and medical emergencies where instant funds are required.
- Flexible Repayment Tenure – Another feature of a personal loan is that its repayment tenure is flexible to suit your convenience. You can decide the payback period based on your needs and budget.
- Simple Eligibility Criteria – The eligibility criteria to apply for a personal loan is quite simple. To avail a personal loan from Clix Capital, you need to be a residing citizen of India between 25 to 58 years of age. If you are a salaried professional, your net monthly income should be at least INR 30,000 and above.
- No Collateral Required – Since personal loans come under the category of unsecured loans, you do not need to provide any collateral to avail the loan. This comes across a great feature because an applicant does not have to consider mortgaging any valuable asset.
- Minimum Documents Required – There are very few documents required for a personal loan compared to a home loan. You just need to provide your income proof, ID proof, address proof, passport size photograph, and that’s it. All these documents can be submitted and verified online without the need for the applicant to step out or meet a representative of any financial institution. Hastening the process and saving a lot of paper as well.
- Unrestricted End-Use – One of the best personal loan features is that you can use the loan amount for any purpose. You can utilize the loan amount to finance a wedding, to renovate or repair your home, to finance higher education, medical expenses, or for purchase of consumer durables.
- Competitive Rate of Interest – When you compare personal loan interest rates with credit card, you will find a remarkable difference. Personal loans are offered at an affordable rate of interest that make your EMIs affordable so that you do not have to struggle with the EMI payments.
Be it a planned event or a financial emergency, you can always resort to a personal loan to balance your finances. Interested? Apply now to check if you have a pre-qualified loan offer waiting.