Personal loans can come to the aid of people in times of great need. Nothing in this world matters more than the safety and well being of our families, which is why personal loans are considered the best option to help out a family member. Personal loans not only fulfil the urgent need for funds but also allow you to repay the funds within a flexible period.
During an emergency, an individual can either borrow money from a close associate or avail of a personal loan. Personal loans win over the former because they can be availed any time and from anywhere, with just the click of a button. The process is completely hassle-free and convenient as it reduces the amount of paperwork to a large extent.
Considering that time is an important factor in an emergency, it is practically impossible for an individual to run door-to-door to secure some funds. That’s when personal loans come to the rescue, as they eliminate the need for physical visits entirely. You can get all the details about personal loans from the comfort of your home by simply visiting the company’s website.
It is now possible to avail a personal loan for up to Rs. 25 lakhs for medical treatments or any other health-related emergency. The loan can also be taken to meet the potential loss incurred by a family member in an ongoing business.
Key factors to consider when availing personal loan:
- The personal loan amount starts from as low as Rs. 75,000 and goes up to Rs. 25,00,000, which makes it convenient for individuals looking for a nominal loan amount
- Personal loan interest rates start at 10.99%
- The repayment schedule of personal loans can be customised after a careful consideration of the applicant’s needs
- All you need is your identity proof such as PAN Card, AADHAR card or Voter’s ID to verify your identity
- Applications are also required to submit the mandatory pay slips in case of salaried employees or bank statements to understand the current financial standing
- Apart from this, other general details like address proof and information about family members are to be submitted by the applicant to avail the medical loan
- The applicant can verify the personal loan eligibility by going through the clauses as given on the website and get a fair idea of the basic eligibility criteria of the company or of the specific type of personal loan
Many insurance companies have also introduced a very handy feature – the EMI calculator, which allows the applicant to feed in basic details like the amount of personal loan required, the estimated personal loan interest rate and the EMI payment schedule.
This personal loan EMI calculator is available free of cost and provides the estimated EMI cost to be borne by the applicant over a period of time. By understanding how the personal loan EMI calculator functions, the applicants can benefit as it helps them to assess the funds they will have to keep aside to pay the EMI cost. This facility allows them to keep a fair track of their funds and make wise decisions.
Considering the above factors, it is indeed a wise decision to take a personal loan to help a family member in need. Not only will this help them financially, but also take some of the burden off of them.
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