4. Convenient Repayment

Personal loans are offered ranging from 1 Lakh to 15 Lakhs that depends on the Bank or Financial Institution. The repayment can be made through convenient EMIs depending on the Loan tenure you have opted.

The borrowed amount along with the interest rate is calculated for the entire tenure of the loan and an EMI is calculated which the borrower has to pay every month. The Loan tenure ranges from 6 months to 60 months. Personal loans also come with a prepayment clause.

5. No Agent or Middleman

Middlemen are the main cause of breakup in the process, but in case of getting a personal loan you don’t need to contact any agent or middleman and that’s the real highlight. Individuals can directly approach the Bank or Financial Institution to get Personal Loan as it will reduce unnecessary delays and additional costs.

6. Confidentiality

Confidentiality is a set of rules or a promise that limits access or places restrictions on certain types of information. As Banks and Financial Institutions ensure adequate confidentiality on personal loans there is no requirement for a security or Guarantor because personal loans remain a secret between you and the Bank.