By Priya Kumari
Did you ever dream of hitting the beach that lies far apart in the other continent? Have you always wished to taste the best wines of the world? Are you ready with your binoculars in hand to capture the benign view of a beautiful beast in its natural habitat? And of course, shopping is both a necessity and a habit of the inquisitive souls who love to explore different corners of the world. If worrying about finances is all the roadblock you have, easily available short term personal loans are there at your disposal to make your dream holiday a reality.
Depending on the borrowers credit profile and terms of individual lenders, personal loans can be taken with or without specifying the purpose of taking it. Personal Loans can be incurred with minimal documentation and generally have an eased out payback period. Personal loans are advantageous over credit cards by allowing the borrower to pay back in equal monthly instalments, thereby avoiding the interest applied on credit card payments.
Is a collateral always needed?
Personal loans can be categorised as a secured or unsecured loan. A secured loan mandatorily requires the borrower to provide the lender with a security or collateral such as a house, jewellery, etc. Besides securing the lender against the risk of default, it allows the borrower to enjoy lower interest rates on the loan. On the contrary, unsecured loans can be availed by borrowers who do not wish to hold any collateral with the lender. However, this results in higher personal loan interest rates and a high penalty for late payments. Proof of income shall be required to avail unsecured personal loans. Such loans are becoming the convenient choice for youngsters for their quick processing and consistent repayment policies, making it easier to budget while jet-setting around the globe.
Where do you apply for a Personal Loan?
The most common source of taking a personal loan are banks and credit unions. Personal loans can be categorised into numerous brackets based on the purpose, including vacation, gold purchase, marriage, purchase of consumer durables and festival loans.
If you have limited financial experience and are confused to choose the best scheme out of the numerous personal loan facilities available in the market, Axis Bank Personal Loan assistance ensures you the finest experience of transforming your dreams into reality. With minimal documentation and accelerated approval process, get assistance for personal loans between Rs 50,000 to Rs 15,00,000 with a flexibility to choose your repayment period ranging from 12 to 60 months. At competitive personal loan interest rates ranging from 15.50% to 24%, Axis Bank helps you realise your dreams at low processing charges varying from 1.50% to 2.00%. It allows you to transfer your existing higher interest rates loans from other banks to Axis Bank to derive the most value from your money.
A loan – with benefits?
To empower you to take the most informed decision, Axis Bank brings to you the personal loan EMI calculator that lets you strengthen your financial planning by accurately calculating your EMI based on customised mix of personal loan amount, personal loan interest rate and tenure of repayment. Knowing the EMI well in advance allows you to choose the tenure and instalments that are in tandem with your monthly expenditures. Theflexiloan service of Axis Bank offers the choice either pre-paying or extending the period of EMI, thus be accommodative of your financial health on a dynamic basis.
Adding a bonanza offer to your experience with Axis Bank Personal Loans, it gives you an edge over others by a chance to earn Axis eDGE Loyalty reward points on your transactions including recharges & bookings, in-store and online shopping. Your experience is bound to get all the more pleasant with the digital payment system offered by Axis Bank. You can pay the EMI and interest online without leaving the comforts of your home. Axis Bank is committed to offering its customers a simplified, hassle-free experience and aims to be a one-stop centre for offering all the banking solutions you need at competitive rates. Contact your nearest Axis Bank branch to know about the best personal loans deals available at your disposal and pack your bags to have the vacation of a lifetime!
Featured Image Credits: Pixabay