Each life has its individual share of ups and downs. People dream big and strive to achieve it to make the best out of life. Dreams and aspirations are diversified depending upon the basic needs, lifestyle and requirements of the individual. Some wish to own a house, a personal vehicle or real estate to develop small-scale business and many more.

But dreams are never restricted to commodities alone and are now varied, gradually branching in multi-directions. People wish to pursue higher education from reputed foreign universities, spend a luxurious vacation abroad with family members or arrange a lavish wedding ceremony for own self or children. However, most individuals are hesitant in fulfilling such aspirations as the thought of expense associated strikes them. People earn and invest their money to run a smooth livelihood and support family members, address emergencies and prepare for a hassle-free post retirement life. However, for most cases, we find that people, in an attempt to address duties and responsibilities, often give up on their long cherished dreams. Such dreams and aspirations have associated immense expense which is generally unaffordable and many a times risky for people.

A simple solution to all such issues is addressed by Personal Loans. Such loans are easy to deal with as it involves minimal documentation and speedy approval. Personal loans have become handy and accessible with the usage of smart phones and all possible loan processing and assistance can be conducted via the Personal Loan Online feature.  Personal loans are granted for situations such as: –

  • The applicant wishes to spend a vacation abroad with family,
  • The applicant wishes to renovate his residence,
  • The applicant wishes to arrange a lavish wedding ceremony for self/children.

An individual, who wishes to apply for a personal loan should be minimum 21 years of age and must produce relevant documents such as valid ID proof, proof of residential address and income proof in order to get the loan sanctioned easily. The loan amount ranges from a minimum of Rs. 50,000/- to a maximum of Rs. 15, 00,000/- which can be granted to the applicant as per his requirement, so that he can fulfill his aspirations without hesitation. Equated Monthly Installment or EMI facility is also made available for all applicants so that instant repayment burden is waived off and the loan amount can be cleared anytime between 12 to 60 months (loan repayment tenure) as per the applicant’s convenience. It should be mentioned here that both the EMI amount and the tenure for loan repayment is flexible and can be chosen by the applicant to best fit his necessity. An additional feature which comes online is the Personal Loan EMI Calculator, where the EMI amount to be paid can be calculated beforehand with the interest rate to get a prior estimate of the monthly repayment to be made.

An important feature of personal loans is the associated personal loan interest rate. Interest rates are flexible depending upon the repayment tenure as chosen by the applicant. The EMI to be paid by the applicant is calculated based on compound interest involving the loan amount, loan repayment tenure and the interest rate thus applicable. It is hence, always a wise decision to browse through the online personal loan interest rate chart available in the bank’s website or mobile app before finally applying for the loan.

Personal loans are increasingly becoming important in our day-to-day life as it has eased the financial burden of many. Achieving aspirations have now become simpler without the need to worry about money hassles.

By Chakraborty

Dr Chakrabarty is the Chief Innovation Officer of IntuiComp TeraScience. Earlier she was Assistant Professor of Delhi University, a QS ranked university in India. Before that she has held research positions in IIT Mumbai, IIT Chennai and IISc Bangalore. She holds 2 patents and over 20 research publications in her name which are highly cited. Her area of research is in smart technologies, integrated devices and communications. She also has a penchant for blogging and is an editor of Business Fundas.

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