For major financial requirements like buying a house or a vehicle or machinery or for educational purposes, there are specific loans like the housing loan or the vehicle loan/machinery loan and educational loan.
But besides the specifics, when the need arises, a personal loan saves the day. It may be used for consolidating high-interest debts, home improvements, meet heavy expenses during a wedding, finance a purchase, or improving your credit report.
A instant personal loan is an unsecured loan offered by banks to its customers, based on various eligibility criteria.
The general factors that affect a personal loan application are:
- Age of the applicant
- Existing liabilities
- Number of years in service or business
- Place of residence and type of residence
- Credit history and credit score (CIBIL)
As compared to loans for specific purposes, availing of a personal loan is like a cakewalk due to lesser documentation requirements and other legal formalities. But do discuss with ABV Advisor before availing any personal loan, as simple things are not necessarily as simple.
