Personal Loan for Defence Personnel
Posted by Loan4 Fauji on May 20th, 2021
What is Personal Loan?
Simply put, it is an unsecured loan taken by individuals from the banks or NBFCs to meet their personal needs. It is provided on the basis of key criteria such as Income level, Credit Score, Employment History and Repayment Capacity, etc. Unlike a Home or Car Loan, a personal loan is not secured against any assets.
As it is unsecured and the borrower does not put up collateral like Goods or Property to avail it, the lender in case of default, cannot auction anything you own.
Therefore, their interest rates on personal loans are always higher than those on Home, Car, or Gold Loans when sanctioning them. However, like any other loan, defaulting on a personal loan is not good as it would reflect in your credit report and cause problems when you apply for credit cards or any other loans in the future.
Banks offer a huge range of personal loan schemes such as SBI personal loan for army person, SBI personal loan for govt employees, personal loan for pensioners, HDFC Bank personal loan for central government employees.
Benefits of Personal Loan :
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Multipurpose use: Being multipurpose in nature, it is a most desirable option in terms of financial product. As compared to other types of loan, it can be used for various purposes like renovating your home, marriage related expenses, a family vacation, meeting unexpected medical expenses or any other emergencies.
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No Guarantee Required: The online personal loan is an unsecured loan which means that the borrower does not have to provide any collateral to the lenders. You don’t have to explain to the bank where you want to use the personal loan amount. HDFC Personal Loan scheme provides personal loans for defence personnel, which includes individuals working in Army, Navy, and Air force.
Points to Compare before you apply Personal Loan
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Compare Interest Rates: It is always good to compare the offers of various Banks and NBFCs before you settle for one. Check and compare the interest rates on personal loans offered by various Banks and NBFCs to get the best and cheapest interest rates on Loan4fauji. Most banks offer a completely fixed rate of interest for the entire tenure of the loan. Make sure that the personal loan that you are taking is also fixed for the entire tenure.
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Processing Fees: Compare various banks processing fees on the personal loan they offer. Most of the banks have processing fees ranging from 0.5 % to 3 % of the loan amount. Higher processing fees can result in significantly high cost on loan hence, it is important to compare rates for personal loan for central government employees on Loan4fauji and select the best offer.
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Insurance Premium: Some banks may request you to get the insurance policy as it is an unsecured loan. Get the insurance policy which gives you adequate coverage at the lowest premium.
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Compare Prepayment and Foreclosure: Everyone wants to repay his loan as soon as possible. Sometimes, you want to repay part of the loan i.e. part prepayment or you may want to repay the entire loan amount before tenure. Banks levy prepayment or foreclosure charges ranging from nil to 5 %. Hence, it is important to compare prepayment and foreclosure charges of various banks on Loan4fauji.
If you are looking a personal loan for central government employees or personal loan for pensioners, then Loan4Fauji provide quick personal loan for defence personnel with minimal documentation. Our SBI personal loan for govt employees, army person come with low interest rates.
Visit our website: https://www.loan4fauji.com/home-loan
