Personal loan or personal lending is a type of loan borrowed by an individual for various purposes. The purpose can be marriage, home renovation, or even opening a business. A personal loan is helpful and can easily be applied at lower Interest rates. In this course, we will understand how banks or NBFCs define these loan amounts to a particular person, what is the future growth and what are the different policies of personal loans.
A personal loan is a massive marketplace in India. It was reported that about 460 Million loan amount was accounted on March 2022 where personal loan alone holds 46% of the loan amount.
How and why personal loan is so much famous? How is a personal loan differs from a consumer loan or any other loan?
A personal loan is not only famous in India but also in the global market as well. With a total global market size of 47.79 Billion USD in 2022. The amount is projected to reach 719.31 Billion USD by 2030. This 100 hours of diploma course will help you understand deep knowledge about personal lending, the beginning to the current scenario of personal Loans.
Advantages of Personal Lending
1. There are no restrictions on end usage.
The first and most significant advantage of a personal loan is that, unlike a house loan, it can be utilized for any reason. There are no restrictions on how the personal loan can be used. If you need money right away, a personal loan is one of the simplest methods to receive it which we will understand more about in the course.
2. Rapid disbursement
You may acquire a personal loan in 72 hours if you match the qualifying requirements and have a decent credit score. In reality, several banks provide existing clients the option of applying for personal loans online.
3. No collateral is required.
You are not required to prepare any collateral. It is a loan that is not secured. As a result, it is simple to get.
4. The ability to select the tenure
The loan has a term of up to 7 years, giving you the opportunity to pick the optimum term for you. Lower EMI with longer tenure and vice versa. As a result, after calculating the EMI, you may decide on a tenure. To calculate the EMI, use our EMI Calculator.
5. Fixed interest rate
Personal loans are often provided at a set interest rate. As a result, the equivalent monthly installments will stay constant throughout the loan term. As a result, you don't have to be concerned about interest rate fluctuations.
6. Tax advantages
If you utilize a personal loan for housing building, refurbishment, or down payment, you can claim a tax deduction of up to Rs 2 lakh under Section 24B for the interest portion in a fiscal year. However, keep in mind that you will need to produce sufficient documentation to establish that the funds were exclusively used for that reason.
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