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    Personal loans provide several key benefits: 1. They can be approved quickly within 24 hours, much faster than loans that take 3-4 weeks like home loans. As long as your credit score is over 750, approval is likely. 2. Personal loans do not require collateral, making them easier to obtain than loans that require collateral like home or auto loans. However, interest rates tend to be higher to offset the increased risk for lenders. 3. Personal loans are versatile and can be used for various purposes like purchases, vacations, or home renovations, without restrictions like some loans. A single loan can cover multiple needs.

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    Personal loans provide several key benefits: 1. They can be approved quickly within 24 hours, much faster than loans that take 3-4 weeks like home loans. As long as your credit score is over 750, approval is likely. 2. Personal loans do not require collateral, making them easier to obtain than loans that require collateral like home or auto loans. However, interest rates tend to be higher to offset the increased risk for lenders. 3. Personal loans are versatile and can be used for various purposes like purchases, vacations, or home renovations, without restrictions like some loans. A single loan can cover multiple needs.

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    8 views1 page

    Top 5 Benefits of Personal Loan, Advantages of Personal Loan

    Uploaded by

    avisinghoo7
    Personal loans provide several key benefits: 1. They can be approved quickly within 24 hours, much faster than loans that take 3-4 weeks like home loans. As long as your credit score is over 750, approval is likely. 2. Personal loans do not require collateral, making them easier to obtain than loans that require collateral like home or auto loans. However, interest rates tend to be higher to offset the increased risk for lenders. 3. Personal loans are versatile and can be used for various purposes like purchases, vacations, or home renovations, without restrictions like some loans. A single loan can cover multiple needs.

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    7/30/23, 4:06 PM Top 5 Benefits of Personal Loan, Advantages of Personal Loan

    Home > Personal Loan > Benefits of Personal Loan

    Top 5 Benefits of Personal Loans


    Versatile, easy to avail, hassle-free application process - there are numerous advantages of
    personal loans. A personal loan is a great way to finance your emergency requirements. Be it
    an unplanned medical condition or a big-ticket purchase, a personal loan can finance all these
    requirements.

    Top Advantages of Personal Loans


    Let’s take a look at some of the top benefits of personal loans 

    1. Quick Approval
    By quick, we mean within 24 hours in most cases!

    As compared to 3-4 weeks for home loan processing, a personal loan takes much less
    time. As a result, they are the best bet for meeting your urgent cash or payment needs.

    If your credit history is strong (CIBIL score of more than 750+) then lenders will not have a
    problem approving your personal loan application.

    2. No Need for a Collateral


    Personal loans are unsecured which means that you don’t have to provide collateral to avail
    them. This is why it is easier to avail personal loans as compared to other loans such as home
    loans, auto loans, etc.

    However, as a customer you must note that unsecured loans are riskier for lenders,
    therefore the interest rates are generally on the higher side to mitigate the risk and are
    usually 1.33% and above per month.

    3. Versatility
    Be it for an iPhone purchase, a Swiss holiday or for home refurbishing, a personal loan will be
    helpful without being limited by the use case. Additionally, a single loan can be used for
    multiple purposes and is not limited such as home loans or auto loans.

    This flexibility is one of the reasons why personal loans are so popular today.

    4. Builds Credit Score


    https://moneyview.in/personal-loan/top-5-benefits-personal-loan 1/1

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