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10. Personal Loan

 
Concept

A personal loan is a type of unsecured loan and helps you meet your current financial needs. You don’t usually need to pledge any security or collateral while availing a personal loan and your lender provides you with the flexibility to use the funds as per your need.

 
Examples of Utilisation of Personal Loan

  • Moving expenses
  • Debt consolidation
  • Medical bills
  • Wedding expenses
  • Home renovations or repairs
  • Funeral costs
  • Vacation costs
  • Unexpected expenses
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Benefits of Personal Loan

  • Meets urgent financial requirement
  • Flexibility of Use
  • Breathing time for repayment
  • Significant Loan amount
  • Confidentiality
  • Flexibility of repayment structure
  • Quick Documentation
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Disadvantages of Personal Loan

  • High Processing Fee
  • High Interest Rate
  • Strict Eligibility Criteria
  • Repayment Rigidity
  • High Penal Charges