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Personal Loan

A comprehensive guide to personal loans: Types, features, and smart borrowing options

Key Takeaways

  • There are various types of personal loans which are tailored to cater to different financial needs and situations.
  • One such example is IDFC FIRST Bank’s FIRSTmoney, a smart personal loan offering unique benefits such as multiple withdrawals, no foreclosure charges, flexible repayment options, as well as swift approval and disbursal processes.
  • FIRSTmoney is recommended for its competitive interest rates, high credit limit, and efficient digital application process that makes for a smooth borrowing experience.
05 Aug 2024 by Team FinFIRST
Smart personal loan
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In today's dynamic world, urgent fund requirements can arise unexpectedly, making personal loans an essential financial tool. Whether you need funds for an emergency, a wedding, or home renovations, choosing the right type of personal loan can significantly impact your financial health. With numerous options available, it's crucial to understand the features and types of personal loans to make a smart borrowing decision.

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What are the different types of personal loans?
 

  • Standard personal loans

A standard personal loan is a multipurpose loan with a fixed tenure and interest rate, suitable for various personal needs. However, it has a lengthy application and verification process usually suitable for high value loans.

  • Instant personal loans

These loans are approved and disbursed rapidly, often within a few minutes to hours, thanks to the minimal documentation requirements and online processing.

  • Top-up loan

A top-up loan allows you to borrow additional funds on your existing personal loan, offering the convenience of enhanced credit without a new application process.

  • Pre-approved personal loans

Pre-approved personal loans are offers made by banks to eligible borrowers based on their creditworthiness and financial history. These loans typically feature faster approval and disbursement processes given the lender's prior assessment of the borrower's credit profile.

  • Smart personal loan

IDFC IFRST Bank’s FIRSTmoney is a unique smart personal loan that provides flexibility to draw funds as when needed with credit limits going up to ₹10 lakhs and convenient EMI options ranging between 2 months to 60 months. 

Choosing the right personal loan is crucial; it empowers you to manage your financial needs effectively while ensuring a smooth and stress-free borrowing experience.

Which is the best personal loan option for you?
 

Choosing the best personal loan option depends on your specific needs and financial situation. For a smart borrowing choice, consider FIRSTmoney, a reliable personal loan that offers the following benefits:

  • 100% digital journey:

With FIRSTmoney experience a complete digital journey with zero paperwork. You customise your loan as per your financial requirement along the application process. 

  • Foreclosure benefits:

With FIRSTmoney, you have the flexibility to access the loan amount and repay the used funds in full anytime without incurring a foreclosure charge. The repaid amount will reflect in your accessible credit limit once successfully paid. 

  • Personal loan amount flexibility:

Enjoy the flexibility to withdraw funds as and when needed. You can access any amount starting from ₹5,000 up to your approved limit. Depending on your requirements, withdraw funds in one go or in tranches.

  • Multiple withdrawals:

With FIRSTmoney, access funds whenever needed without reapplying for a new loan. You can withdraw money anytime from your credit limit as required.

  • Loan repayment options:

Get the flexibility to choose a customisable loan EMI plan that suits your requirements. Opt for any tenure ranging between 2 months to 60 months to repay your loan without financial stress.

  • Swift disbursal:

Enjoy a completely paperless application process. The advanced technology behind FIRSTmoney makes it easy to access a personal loan instantly with a completely online process.


Conclusion
 

Understanding the different types of personal loans and their features is essential for making an informed borrowing decision. Whether you need funds for travel, home renovation, medical emergency, or even wedding expenses, there is a personal loan tailored to your needs. Choosing a provider like FIRSTmoney ensures you benefit from competitive rates, quick disbursement, and flexible repayment options, making your borrowing experience smooth and stress-free. Always evaluate your financial situation and loan requirements carefully to choose the best personal loan option for you.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.

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