A tough time in an individual’s life can come in many forms, such as job loss, medical emergency, automobile break down, home repairs, and so on. In such times, one should be able to rely on their savings or emergency funds to sail through a crisis smoothly.Unfortunately, not all of us have enough saved up to deal with unexpected events that require monetary assistance. In such scenarios, one can apply for a personal loan from lenders such as Upwards for multiple reasons. Personal loans are collateral free loans, which can be obtained if you lack valuables such as property, gold, insurance to keep as a security of their loan.
Personal Loans for Any EmergencySnneha Lukaa October 3, 2019
What makes Personal Loans a Suitable Choice?
Unlike business loans or car loans, personal loans can be used for many purposes. There are multiple usages of these loans a borrower can use it to satisfy any of his requirements. Personal Loans from Upwards requires minimal processing and have quick disbursal time. Even the processing of personal loan has become hassle-free with the advancement of technology in the financial domain.One may apply for personal loan online using either the mobile app or by visiting our website site for more information. In an era where time has become more expensive than cash, getting things done online without visiting the lender’s office is a big advantage. Gone are the days when an individual must submit heaps of papers for applying a loan to the lender; now, just a few simple KYC documents along with the income evidence are sufficient to get the loan sanctioned.
How to Become Qualified for a Personal Loan?
Personal loans are unsecured in nature. The only thing which a creditor can do to minimise the probability of loan default is to check credit history, for assessing borrowers prior repayment history and current financial condition. A borrower having a CIBIL score above 700 is considered as a creditworthy borrower. Your monthly income is the main factor for unsecured loans which determines the loan disbursal amount.
The Cost of Borrowing
The cost of borrowing a loan depends on the rate of interest. There are few different factors also that determine the actual price of borrowing such as processing fee, tenure, the spread of this loan etc.. Typically interest rates for personal loan starts from 18% and will reach up to 34%.By opting for a short tenure, An individual can lessen the price of borrowing. So a shorter tenure can save some cash in interest payment. The other way of reducing the expense of borrowing is by applying for a higher amount. If a borrower has good credit score, they can also negotiate the rate of interest with the lender.
Try saving as much as possible and keep away from getting into more debt than that you can manage. But in case of a crisis, an individual can get a loan from all banks and NBFC to pay for unexpected expenses. Locating a lender who is best suited to get loan at desired terms and conditions is one of the most important aspect of availing the benefits of personal loan.Upwards is India’s quickest personal loan provider for salaried individuals looking for short-term loans between Rs.15000 – Rs.50000 with tenure of 1 year. They provide hassle-free personal loans to all job profiles like teachers, software engineers, accountants, retail store employees, nurses and more who draw a minimum salary of Rs.15000. If you would like to apply for a personal loan, download our app here and fill in your details!