Located in the “South Indian City” of Chennai, Taramani is known for its first IT park along with well-established government educational and research intuitions. The place adjoins the most sophisticated residential area of Basant Nagar and Adyar. It is an estate attached with Express corporate companies that makes it a massively located neighborhood in the IT expressway. The place acts as a connection to many important places in the city.
With the advancement of technology and IT sectors, the neighborhood has grown sophisticated, and makes it very obvious for many to settle here. The site adjoins itself with many prestigious institutions. Therefore, being one of the luxurious neighborhoods in the South Indian City of Chennai it can be called as an elite and expensive place to live.
To relocate or move into a gentry locality like Taramani, one must have an excellent financial situation. Even if one cannot accumulate the intended amount required for relocation, they can easily avail for a personal loan. Here is a detailed guide on how to get a instant personal loan in Taramani.
Here, in this article, the main point of discussion will be what is a personal loan and how it can help anyone to meet their needs for financial aid.
What is a personal loan?
A person can avail a loan for various purposes—usually borrowed for wedding expenses, debts, moving out or renovation expenses, etc. The purpose behind asking for a personal loan can be multi-fold or for varied purposes. These loans are unsecured because there is mostly no requirement for collateral to secure the loan. The lenders approve these loans only after analyzing the borrower’s creditworthiness.
How does it work?
The details and criteria to approve personal loans can vary from lender to lender. Once the loan amount is received, one can repay the amount with monthly payments. However, if shorter
tenure is chosen, the individuals will be provided with high EMI amounts, whereas a longer-term tenure will ensure lower EMIs.
This unsecured loan is very flexible and can be availed with zero documentation. With the arrival of online mediums, one can get instant loans online. The money asked for a loan can be both huge and small. However, mostly personal loans are borrowed for huge expenditures, like weddings, renovation, relocation, etc.
Features and benefits of a personal loan?
Certain features make a personal loan beneficial. They are as follows.
- NO COLLATERAL – No collateral or security is required, such as a house or car, to get the loan. The loan approval process mainly works based on the borrower’s creditworthiness.
- MINIMAL DOCUMENTATION – A person can avail a loan even by presenting only their key documents like proof of identity, address, and income.
- QUICK DISBURSAL – Loan disbursal can sometimes happen once the application is approved. However, personal loans are believed to have the quickest loan disbursal. 4. Flexible loan Amount – The personal loan mainly deals with payment history, monthly income, age, profession, etc. These kinds of loans come with flexible tenures that range from 12 months to 60 months.
How can personal loans help you?
Unsecured loans mainly intend to take care of sudden financial requirements which makes it very flexible with no collateral involvement. Therefore, an individual can apply for this loan and get the amount directly debited to their account. Consumers can take personal loans for multiple needs especially when they need monetary support for relocation and medical expenses. Here are some ways how personal loans can help one –
- Renovation – Going to renovate or upgrade to a new and better way of living from the older ones is made easier now with consumer loans. Borrowers can use these kinds of loans to have and enjoy better quality of life
- Moving Costs – Individuals can quickly move to a new place without having to worry about how to meet their monetary ends. Expenses that include hiring movers, buying
new furniture and decors, or essentials necessary for moving out can be done easeful with help of loans that takes care about immediate monetary aid.
- Medical Emergency – The necessity of money can occur anytime, especially during medical emergencies. So, loans like these help you get cash within 24 to 48 hours, which is better than going for any other kind of financial assistance.
- Transporting your vehicles or goods – Relocating a car to a new location or buying a new one, can be quickly done by using loans. Transportation or purchasing a new vehicle will require monetary expenditure with other added expenses, which might cost a lot, and getting loans will lessen the burden.
- Deposit for rental home – Most landlords charge at least six months of rent as deposit money. Though the amount is easily refundable, it is essential to have this money before moving to a new location. So, that’s when they can bring this loan amount into action.
How to borrow a personal loan in Taramani?
The criteria can vary from one lender to another but while applying for a loan, one has to meet the following criteria mentioned below.
- Valid documents – Documents such as Aadhar Card, Pan card and bank statements, etc., along with KYC verification, are essential to get the loan approved.
- Credit Score – Having a good credit score is one of the essential features that helps in providing many benefits to the borrower. This score analyzes repayment history, credit type, duration, and exposure.
- Monthly income – Since there is no security involved for a personal loan having a stable job and constant income flow becomes very significant in ensuring the loan repayment. ● DTI (Debt-to-Income Ratio) – The percentage of DTI proves if the borrowers will be able to manage payments of the new debts. DTI less than or equivalent to 50% is what the lender expects from one to have to get the loan approved.
- Understanding interest rates – Having done a proper analysis and calculation on what interest rates ensures an appropriate interest rate for the individuals.
Acquiring money instantly whenever an individual needs it, is one significant outcome of technological advancement. Applying for loans and availing the amount at its earliest has been made even more accessible with the arrival of consumer loans online. Also, enrolling for loans online aims for minimal documentation, and a flexible borrowing system that can reduce taking rounds at banks as well making the process hassle free.
Help oneself to get even closer to their dream lifestyle or neighborhood like Taramani by applying for a personal loan online in Taramani.
At what age can one avail personal loan?
Individuals can avail of personal loans at the age group of 18 years to 65 years.
Are there any other charges included?
One should know the additional charges before applying for the loan, like prepayment and late payment charges. One should have a lucid idea of their expenditure and how they can manage their finances better.
Can one apply for a personal loan with a low credit score?
Yes, one can apply for loans with low credit scores. But on the contrary, the lender might charge a higher interest rate.