Personal Loan:
Personal loans are loans with fixed payments and a fixed payment schedule. They can be used for debt consolidation, home improvement, or any other need. Personal loans are usually categorized into two types, Short term personal loan and long term personal loan. It is a loan made for personal, family, or household purposes for the purchase of a motor vehicle, holiday or similar item are personal loans. Repayment periods vary from one year to five years. No collateral is asked for or given for the loan. These loans are granted by banks, financial institutions, private money lenders etc.,
Some common requirements for such loans are to start a business unit, purchase of property or a dwelling house, loans for purchase of automobiles, student education loans etc.
Short term personal loans:
Short term loans are meant for granting of loan for a short time period for 1 year or less. The loan tenure is short as the name it has. Some small business units seek to procure it to meet the working capital needs. Short term personal loans are provided easily and the amount available for short term personal loans depends upon the income base of the applicant and purpose of the loan for which it is applied for. The personal loans are granted to the applicant for fulfilling applicant’s various financial needs and it may relates for business of the applicant for education, debt consolidation, or medical expenses. The interest rates also depend on the loan amount. . This loan actually provides a small amount of money and hence no collaterals are required for securing this type of loans. For approval of this loan, the documents required include the proof of income and proof of employment. Post-dated checks are also required by some companies.
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