A few years ago, you were running short of funds to buy a vehicle or for paying the college fee of your Son. So what did you think and how did you manage it? Sure, you decided to avail of a personal loan to meet these requirements and you welcomed the decision of a loan amount granted by a financial institution at a higher interest rate.
Sooner, you commenced its repayment and still pays your debt because of the higher interest at which your amount was granted at that time. Though making all efforts you can't subdue the burden of paying a big part of salary as your debt. But do you know there are some options which can help you get out of this situation in a simple way and it will certainly give you some financial stability?
One of the most common processes is refinancing through a personal loan, what does it mean? Refinancing is a method when you take a personal loan to pay off the debt of your previous loan amount if you are able to get a personal loan at an affordable interest rate which is lesser than the interest rate of your current debt.
Suppose you borrowed some amount at an interest rate of 15% but now you are getting a personal loan at just 10% interest rate in that situation taking a personal loan at 10% and paying your debt which is in continuation at 15% interest rate is a wiser decision and in the way, it will save money for you and give you good financial planning as well.
You can avail a personal loan following a very simple process. You have calculated your debts periodically, have never missed an EMI ( Equated Monthly Installment), have always tried to pay as much amount as possible from your salary and your credit history reads your profile as a very disciplined and time-bound borrower than the chances of getting a personal loan always remains higher.
For applying for a personal loan you need to check the personal loan eligibility criteria which are predefined by the financial institution, the eligibility criteria ( conditions that satisfy a lender to give you a loan ) can be checked online within a few minutes and once you are found eligible for granting a loan then the bank executive can bring all the basic documentation at your doorstep. While checking and applying for a personal loan you need to fill some details like PAN, AGE, CITY, CIBIL Score, tenure of the loan amount. These details are verified and then you can apply for the personal loan which is approved instantly in most cases.
Once the amount is disbursed you can use it for paying your previous loan and get settled your debt amicably. The foreclosure of your loan may invite the financial institution from where you have availed the loan amount to charge some amount to minimize the loss anticipated against your interest but once you calculate, it will be very less than the amount you need to pay in future for your previous loan.
Refinancing can play a vital role in your life to enjoy the financial benefits at the fullest.If you are planning for refinancing via a personal loan then Manappuram personal loan Finance Limited can do a lot for you. It can give you relief from your debt by providing you with a personal loan at a very low-interest rate.
Here we have brought some features and eligibility criteria for qualifying for a personal loan of Manappuram Finance limited:
Age: 23-60 yrs (at loan maturity)
CIBIL: 750 and above
Interest Rate: 9.99%
Lowest EMI per lakh: NIL
Tenure: 12 to 60 months
Processing Fee: Up to 2%+GST
Prepayment Charges: 4% of the sum
Part Payment Charges: NIL
Minimum Loan Amount: Rs. 50,000
Maximum Loan Amount: Rs 5 lakh
