A Guide To Personal Loans From Private Finance Companies
Looking to pay off credit card bills but do not have the finances to do so? Or wishing longingly for monetary support to purchase that new TV? The solution for all of these is personal loans.
There is a multitude of loans available in the market today but none quite as versatile as personal loans. From paying off emergency hospital bills to funding a vacation to foreclosing another loan, personal loans can be used for a variety of needs. Did you know that you can procure personal loans even to just build your credit score? The adaptability of personal loans contributes to its popularity.
Generally, customers always flock to banks if they wish to procure a personal loan, due to a lack of other options but today, customers are spoilt for choice. Opting for personal loans from private finance companies has become quite popular today and for good reason.
Features of Personal Loans from Private Finance Companies
Personal loans come with a large number of advantageous features. Given below are some of the most important ones.
- Collateral is unnecessary
Most personal loans by nature are unsecured loans, i.e. they do not require collateral to be disbursed and this is why personal loans are more easily available as compared to other loans. However, there are times when certain banks ask for collateral although this is rare. However, if you’re choosing a private finance company for personal loans, there is no need to provide collateral.
- No Restrictions on Purpose
As mentioned previously, there are multiple types of loans in the market today such as auto loans, education loans, home loans, etc. However, all these loans cannot be used for multiple requirements. Personal loans on the other hand are not bound by a set purpose and can be used for different needs.
Benefits of Personal Loans from Private Finance Companies
One of the reasons for the popularity of personal loans is its large number of benefits, some of which are listed below.
- Flexible Rates of Interest
Personal loans generally attract a relatively higher rate of interest due to the absence of collateral but if one were to avail this loan from a reputed private finance company such as MoneyView, the interest rates would start as low as 16% per annum which is much lower than what most banks would charge.
- Quick Disbursal
Did you know that with private financiers the disbursal period is much lower as compared to banks? If all the documents have been approved and the applicant meets the required eligibility criteria, the loan amount could be provided within just 24 hours.
- Flexible Repayment Tenure
Personal loans are also popular due to the flexible repayment tenure that can range from a couple of months to a few years. This is also the case with personal loans from private finance companies as they generally offer more freedom to applicants as compared to larger banks.
- Hassle-free Application Process
With the world going digital, private financiers are not far behind. Applicants can now avail themselves of these loans from the comfort of their homes as the entire application and disbursal process is now online. The need for extensive documentation has also been negated with most only asking for ID proof and address proof.
The Money View Advantage
One of the most reputed private financiers in the country today, MoneyView has been revolutionizing the process of loan application and disbursal since its inception. Armed with a plethora of competitive benefits and features, MoneyView processes applications based on its own unique credit model which increases the chances of applicants receiving their loans even with lower credit scores.
Advantages of Personal Loans from MoneyView
Customers availing personal loans from MoneyView are treated to a set of benefits that cannot be experienced anywhere else. All individuals who are salaried from across the country can avail these loans. Take a look at some of the features and benefits that MoneyView offers to all individuals who procure personal loans from them.
- Rate of Interest that Starts At just 1.33% Per Month
With an interest rate that is this competitive, it is no wonder that personal loans from MoneyView are extremely popular. The rate of interest charged on a loan will vary based on the income of the applicant, credit score, amount chosen, and repayment tenure among others.
- Flexible Loan Amount and Repayment Tenure
Everyone’s requirements will vary as will their repayment capacity. Keeping this in mind, MoneyView offers personal loans of up to Rs. 5 lakhs and repayment tenures of up to 5 years.
- Transparent Eligibility Check
The eligibility criteria for salaried individuals are quite simple. Those between the ages of 21 years and 57 years who earn a minimum of Rs.13,500 per month can avail of these loans from MoneyView.
- Easy documentation process
Gone are the days of having to go to a bank and submit multiple documents and wait a long time for their approval. With MoneyView, the entire process is quick and efficient and takes just about 2 minutes. Additionally, the entire process is paperless as well which is definitely a boon during the on-going pandemic.
- Credit Score Requirement
A credit score is a three-digit numerical summary of an individual’s credit report. While most banks require a credit score of 750 and above, private finance providers such as MoneyView are more flexible with their requirements. Applicants will need to have a CIBIL score of 600 and above and an Experian score of 650 and above. Additionally, MoneyView operates with its own unique credit model that ensures a wider rate of acceptance of loan applications.
Should You Opt for Personal Loans from Private Finance Companies?
While the traditional option to avail of a loan has always been banks, there are a number of new players in the markets, all with the goal of ensuring the customers can procure loans easily and in a way that meets their requirements. Private financiers such as MoneyView are leveling the playing field with their unique benefits and competitive advantages. While personal loans can be availed for a number of reasons, it is important that these loans are advantageous to the customer’s financial situation. Private finance company personal loans, as opposed to those from banks, may just offer more flexibility. Therefore, customers are urged to weigh all the pros and cons of the same and understand which option suits their financial necessities the best.
Personal loans are here to stay and especially during the pandemic a number of people have been availing of the same for multiple purposes. One should choose a plan that fits in with their repayment capacity and ensure that all the terms and conditions are to their advantage. Given the right circumstances, loans can increase one’s credit score as well as boost their finances.
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