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8 reasons why you should consider applying for an online personal loan

Over the past two decades, there has been a rise in consumer needs. With that, we can also see an increase in the purchasing power because of increased income and accessibility to banks, NBFCs and creditors. Credit cards and personal loans play an integral role in making sure the purchasing power doesn’t leave the customers.

What is a personal loan?

A personal loan is an unsecured loan taken to meet personal, household needs, by an individual. By unsecured, it doesn’t mean that the loan is taken without any collateral, this loan is sanctioned against the person’s ability to repay and their employment status. Personal Loan are usually used to close the financial gap in purchases like a house or a car, where the individual has a part of the money for the purchase.

What is the criteria for an Online personal loan?

Online personal loans are given on the basis of income level, credit history and an individual’s repaying capacity. Based on the credit worthiness, an individual will be granted a quick personal loan. Every bank first makes sure that a person’s credit and employment history is smooth and ensures if the existing loan repayment are on time.

Karnataka Bank is one of the leaders in the financial industry giving customised financial products and services to every customer by having a unique understanding of their needs and provides competitive interest rates with easy processing, top notch customer service and many more unique features along with maintaining long-term relationships with their customers.

Here’s why you should consider applying for a quick personal loan online:

Karnataka bank provides KBL xpress cash loan for your personal needs. To be eligible, you have to be a minimum of 21 years of age, with a job tenure of at least six months. Karnataka Bank provides maximum loan of Rs. 5 lakhs for your needs. The tenure of the loan is up to 60 months. Visit Karantaka Bank’s website or contact nearest Karnataka Bank branch to learn more about online personal loans. (*Subject to banks terms & conditions)

No Collateral:

Unlike home loans or car loans, these loans do not require collateral and are sanctioned purely against the person’s ability to repay and their employment status. The applicant needs to have a steady, regular income from any job- may it be for an MNC, a government office or even self-employment. There is no need to pledge any assets for this loan. However, the interest rates are higher when compared to other loans.

Paperless transactions:

The best part about availing personal loans online with Karnataka Bank is that the process is seamless and digital. A person has to enter all the required details and submit/upload the required documents to get intant in-principle sanction. The documents required are minimal and the process is hassle-free.

Improved financial situation:

It is always useful to have some financial cushion to support one-self while trying to keep a house or a family running. Personal loan helps one to take care of their needs in times of need.

Umbrella of needs:

One of the best advantages of a personal loan is that it can be used for any needs that one might have. It is usually taken out for wedding expenses, travel, house repairs, education or even just day to day expenses.

Repayment:

The repayment options for these loans are extremely simple. With a period of up to 60 months provided, a person can opt for an EMI-based repayment scheme, making it easy to fulfill the requirements and ensure prompt repayment.

Building credit score:

By repaying the personal loans on time, one indirectly conveys to the bank that they can be trusted with unsecured loans and they will be able to pay it back promptly. This also increases their credit score thus making a person more credible in the eyes of the loan providers.

Easy and comprehensive process:

Overall, getting personal loans is an easy, hassle-free process. Karnataka Bank is known for its superior customer service and understanding the needs of the customer and thus arriving at a solution that works for both parties. One can avail Xpress Cash Loan digitally with minimal paperwork and hassle free process.

Personal loans are highly demanded in the market today given the plethora of advantages they have. Apply for a personal loan with Karnataka Bank today. To know more, Visit the bank website https://karnatakabank.com/personal/loans/salary-loan

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