Fulfilling Family Needs Through Personal Loan
Author : Gaurav Khurana | Published On : 10 Apr 2021
A personal loan or any other loan is a financial instrument that an individual can use for various purposes like, renovating a house or financing a family vacation, paying for a wedding or consolidating, or anything else debts against one personal loan. It is the most effective type of personal loan that helps an individual when he or she needs to raise funds on an urgent basis. In such a scenario, a flexible personal loan or any other loan is the best solution. A flexible personal loan or any other loan is an additional feature that makes personal loans or any other loan even more convenient and efficient for individuals. Flexible personal loans are the kind of personal loans that allow customers to withdraw and deposit money in the personal loan account at their convenience, without incurring any additional charges. Flexible personal loans or any other loan today come with several benefits. It allows customers to use any amount related to the personal loans within the assigned limit and pay interest on the amount withdrawn. This means the borrower can repay the entire principal amount at the end of the tenor.
Flexible repayment option of flexible personal loans or any other loan enables customers to focus on other vital issues of life as the requirements for finances can be met without needing to worry about the repayment date and installment amount. Further, customers can reduce their principal balance inflexible personal loans by prepaying as per their cash flow which involves no charges so plan personal loan accordingly. You can apply personal loan online or in offline mode. It also allows the customers to re-avail the prepaid amount in case they need it again. Another advantage of flexible personal loans or any other loan is that one can convert it to a term loan at any point in the defined tenor. So, if the customer realizes halfway through the tenor that he may not be able to repay the principal sum in one go, he can convert it to a term personal loan and pay in monthly EMIs on time so that you can take personal loan in future on time it will be very important for you.
A regular personal loan or any other loan allows an individual to borrow a fixed sum of money and pay interest on the total amount borrowed. Hence, for people with irregular incomes such as self-employed professionals or business entities, the flexible loan is the best personal loan option as they can use the personal loan amount as required in a personal loan and pay interest only on the amount used. They can even prepay the loan when they have surplus disposable funds without any extra charges or anything else.
A personal loan helps in easing financial stress. However, for many, the interest amount starts straining their monthly budgets and affecting other financial goals you can take from Allahabad Bank Personal Loan. Hence, more often than not, borrowers wish to prepay their personal loans whenever their finances allow them to do so. To get peace of mind, personal loan prepayment EMIs might be the right thing to do.
Conclusion: You have paid Rs. 58,478 in the first year of the personal loan tenure, which is also the lock-in period. So this leaves us with Rs. 3,02,451 remaining principal amount of personal loan amount of Rs. 2,40,000, the outstanding balance will further drop to Rs. 3,21,441. This implies that in the second year or 2nd year, your lender will now calculate interest or ratings on this new outstanding principal amount.
Author Bio: Gaurav S. Khurana is the Founder and CEO of Dialabank and has had a great career in the Banking and Financial Services Sector. He has an experience of 18 years in the sector and has worked at Senior Roles including National Sales Head at ING Investment Management India and as the Vice President Citibank. A post-graduate from IMT, Ghaziabad. Gaurav started his career as a Named Account Manager in Xerox.
Being a part of this field for a long time now, he has written many informative articles and blogs benefiting and assisting many in making decisions regarding the policies provided by various banks and non-banking financial companies such as the Allahabad Bank Personal Loan policy.