A personal loan is an unsecured one and therefore, you do not need to surrender any security or collateral. If you have the necessary creditworthiness for instance employment history, strong CIBIL score, and repayment, you can get the loan approval. But, Personal Loan Interest Rates are on a higher side to cover a lender’s risk of defaults. Personal Loan Interest Rates are usually higher as they are unsecured and a borrower does not require offering any collateral. While applying for a personal loan, you may encounter two types, for instance, reducing rates and fixed rates.
Hence, when applying for a personal loan to cover your requirements, you should know about these interest rates. Must Read: A Quick Insight Into Reducing and Flat Personal Loan Interest Rates
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |