The high growth of personal loans –
here’s why?
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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
Personal Loan can help you meet unexpected expenses such as wedding expenditure, school or college fees, dream vacations, home renovation projects or even for the purchase of consumer durables.
Applying for a personal loan is a lot easier, quick, and convenient with Kotak Mahindra Bank.Click https://www.kotak.com/en/personal-banking/loans/personal-loan.html to apply for the same.
No, you do not have to provide any security or collateral to obtain a personal loan. Personal loan is a type of unsecured loan. This essentially means that it is not backed by the guarantee of collateral. You are not burdened by the need to generate collateral like gold, property or shares, as with other types of loans. As there is no security to assure loan repayment, the bank will focus on the income and financial stability of the applicant.
There are several benefits of availing a personal loan from Kotak bank. Some of the most notable benefits include:
The eligibility to avail Personal loan is as follows :
You can apply for a personal loan by following the below steps:
On Mobile banking
On Net Banking
Or
By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab.
Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.
You can apply for a personal loan by following the below steps:
On Mobile banking
On Net Banking
Or
By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab.
Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.
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11 MARCH, 2020
Today, there is steep rise in the number of people opting for personal loans in India. Personal loans are a type of unsecured loans and are generated for people who wish to fund their personal needs. It can be used to finance any need including paying medical bills, funding a wedding, serving the expenses of a vacation or just about anything. It is important to consider certain factors such as the interest rate, the processing fees, and the terms and conditions.
The high growth in personal loans can be explained by the different aspects and they include:
Quick processing – When in immediate need for funds, people usually turn to personal loans. They are processed at a much faster rate as compared to other kinds of loans. It is easily accessible and the documentation isn’t too elaborate. You do not have to gather too many documents making it a simple and faster process.
No collateral – A collateral is an asset that must be provided to the lender as a form of security when seeking a loan. In many emergency cases, it can be extremely difficult to produce a collateral. Personal loans are unsecured and thus, you do not have produce a collateral. However, the ability of the borrower to repay the loan is taken into account and you must meet the specified criteria.
Convenient repayment term – The repayment terms offered with personal loans are usually very flexible. Depending on the total loan amount, the term can run anywhere between one to five years. Usually, the payment must be fulfilled on a scheduled day of each month. This is a good benefit for people who wish to budget their expenses.
Debt consolidation - Personal loans can be used to finance any purpose and thus, it’s a suitable choice when consolidating debt. It can be used to pay off credit card debts or foreclose other kinds of high-interest loans. You can essentially pay off you debt in one EMI over keeping tab of several EMIs.
Offered online – You can apply for a personal loan online. Just like the tradition loan lending process, it requires minimal documentation and is an easy process. The amount is transferred directly into the bank account for convenient usage.
Personal loans are offered by a wide range of financial institutions, however, the features may differ. Ensure that you pick a suitable lender that fits all your needs. Additionally, you must be careful of your financial plan when seeking a personal loan. Getting a personal loan is a fairly easy process and this can trap you into utilizing the funds on expenses that are unnecessary. It can push you into a debt trap if not used wisely.
Read more about how to make the best use of personal loans here.
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