Personal loan has always been a confusing loan for banks as they hardly get to know why a person has taken the personal loan for? Hence, they charge a high ROI on personal loans so as to minimize their risk ultimately proving it to be a disadvantage for the loan seekers as well. This way they discourage the users to go in for personal loans.
So here are few quick tip on personal loan:
1. Although a the paperwork in personal loan is less, as it is without any security or anything, but the qualifying criteria for the same are strict. (as I said earlier it is a risk for bankers as well)
2. Working a good and reputated organization not only adds value in your CV but also adds value to your credibility and wold make you eligible for getting the personal loan much quicker.
3. Although Personal Loans have got a higher ROI but then also in many cases it has proved itself to be cheaper than a credit card... ;)
4. Always read the fine prints in your contract for any hidden charges.
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