Personal loans are accessible for every individual having fixed monthly and annual income. It will help him in leading a peaceful life by lowering his burden of paying small expenses from bills to groceries. It is assumed that personal loans are provided to needy people when they have no savings in their bank accounts due to the increased number of necessary expenditures in daily life. Moreover, the borrower is not required to provide any security against the loan amount. It is one of the primary reasons for the easy access to this loan.
What are the minimum and maximum age criteria to avail of personal loans?
The candidate interested in availing any kind of loan facility should be at least 21 years of age when submitting the application form. The maximum period to get a personal loan varies from bank to bank. However, if a salaried working person has reached 60, he will not be availed with the facilities of personal loans after this age. And a retired one can borrow until 65 years of age. That, too, depends upon situations and lending companies.
Advantages of personal loans:
An increasing number of clients, especially for personal loans, are supposed to be since it provides credit on the least rates as compared to other kinds of loans imposing very less burden on the borrower. Therefore, many people get inclined towards availing this loan for fulfilling their not so big desires. This loan helps people in the following ways:
- Buy a car: When the monthly salary of a family is not sufficient to fulfill their dream of having a car, then personal loans come to their rescue.
- Medical emergencies: It is sometimes difficult to get your monthly savings done with your account at all times. Therefore, personal loans provide a massive sense of security in offering them aid in critical times related to medicinal uses.
- Miscellaneous: Other expenses can also be paid with the assistance of personal loans, and that is entirely contingent upon the borrower and his individual needs.
Tenure of personal loans:
The time of a personal loan varies from bank to bank, but in any way, it is not over five years. The minimum duration to repay the principal amount of the loan availed is at least six months. But these things also differ from lender to lender based on its financial stability.