Personal Loan
We understand your emergency and therefore, have made Personal Loan available in the quickest possible way. Besides quick disbursal, we also ensure higher loan amount with easy repayment options and desired flexibility.
Unplanned expenses, medical emergency or any such situation can crop up unexpectedly. You may not have sufficient funds to meet this requirement. But keep your worry aside. Lotus’s Personal loan is available through a transparent process, once your eligibility is done.
What is a Personal Loan?
A Personal Loan is an unsecured loan provided by banks and financial institutions to meet personal exigencies.
When Should I Consider Taking a Personal Loan?
Financial problems can arise at any time. You may need funds to pay for educational expenses for your children or a wedding in the house. There could also be unexpected medical bills to deal with.
Availing a Personal Loan as an additional back-up is something you could consider if you find yourself in a tough spot. Some people take Personal Loans to consolidate their credit card debt. You too can do this and pay off your existing credit card outstanding amount. We also offer Personal Loans for home renovation as well as consumer durables like a television or a refrigerator - the possibilities are endless.
Advantages of a Personal Loan
- No Collateral - This is the most significant advantage of taking a Personal Loan. It is the most convenient option from the customer's point of view. You do not need to mortgage an asset for taking a Personal Loan.
- No end use requirement -You can avail a Personal Loan for any purpose. There is no compulsion on borrower's part to disclose the use of funds. However, we do take a declaration that you will not use the loan for speculative purposes.
- Quick processing - These loans are available with out any security. If you satisfy the eligibility criteria, you get a Personal Loan approval in a short period.
- Fixed Rate of Interest - The rate of interest on personal financing at the time of processing the loan application. It remains fixed throughout its tenure. Hence, you need not worry about variable EMIs (Equated Monthly Instalments) or interest rate fluctuations.
- Repayment flexibility -The average repayment period of a Personal Loan ranges from 36 months to 84 months. The more extended the loan repayment period, the lower the EMI. Individual financial institutions allow you to repay the interest amount alone every month with the arrangement of paying a pre-determined amount towards the principal repayment at the end of the year.