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Applying for this loan at this time of year is certainly a good idea . Like, leading banks are offering attractive interest rates ( ranging from 13.5 % ! ) In personal loans and other big reason is the fact that there is zero cost of pre - minimum or closing , so you get to pay back with the best interest rate available .
Now , there are some other aspects of interest for availing personal loans . The most striking feature is that you can avail loans up to 25 lakhs through an extended tenure of 5 years ( provided you meet the criteria ) . With minimum documentation , procedures andhassle free , get a personal loan has never been easier .
However , it is not easy to avail a personal loan . Bank sets limits even basic income ( varies from bank to bank ) , and several other prerequisites for a loan application . Higher interest rates when compared to other types of loans , which in turn requires a higher capacity to pay back over a limited time period .
As a matter of fact , unsecured loans are the most popular during the festive season like Diwali or Christmas , that's when people are looking to make a large purchase like a new car , renovate their homes or simply gifting precious Xbox or MAC for their children ; yet do not have the resources to go ahead with it . Also , note that there are some advantages that come with availing this loan . If you want to make them fit for your comfort , you should do your homework . Finding out about the various offers and try to zero in on one can be a rather tedious task . Although , you will see that it is all very worthwhile in the end . So , if you are looking for the best interest rate , then you have to choose the right person .
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