Personal Loan Calculator

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A personal loan is an instant relief to any individual ready to pay back a considerable interest amount. Compared to other loans it is the most expensive way of getting liquidity to your pocket. Hence, thinking twice before taking any personal loan is always advisable. In short, you should move ahead with this loan type only when you have no other options. As we have seen there are people who don't keep up with their monthly payments or failed to pay the same which badly impacts their credit score and they may no longer be eligible to take any type of loans further.

Bank approves your personal loan based on your credit score and you can use this amount as per your choice for example you case use it for home renovation, marriage or personal expenses, medical emergencies, paying off other loans or credit card bills, car or home loan down payment, expenses against pending vacation/touring national or international, or whatever you like to do with this amount, there are no limitations except you are not using the same for any illegal activities.

There are several advantages of this loan type as it can be approved instantly by your bank, the processing time is significantly less, as compared to other loan types, and you can use the amount as per your choice. Also, there are no guarantors/collateral or security required as it is an unsecured loan.

A personal loan can be a very good alternative if you are willing to finance a big purchase, however, don't want to be locked into how you use that amount. Many people take personal loans to consolidate their debt, such as multiple credit card accounts. To close all of them at once, it is a good idea to take a personal loan as managing a single account is always easy than multiple accounts as you don't have to remember the multiple due dates or need not to pay different interest rates for the same. 

If you have decided to go ahead with the personal loan, it is always a good idea to get quotes from multiple lenders and compare the interest rates and other factors like loan terms, late payment or EMI bounce charges, penalties, processing charges, foreclosure charges, etc. Once you have all the data, then analyze the advantages and disadvantages of the personal loan before making the decision. Always pay back on time and take the loan closure documents once you have paid off all the dues to avoid any inconvenience in the future.

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