Personal loans can be secured or unsecured. Avail of unsecured loans without using assets as security to cover the loan is easy in the digital era. Many reputed financial institutions offer unsecured instant personal loans at affordable rates, depending on the applicant’s loan eligibility.

• Personal loans are offered without any restriction on the end-use of the loan amount.
• It is quick to obtain an instant personal loan without hefty documentation when applying from mobile apps like InstaLoan.

Choose the Best Personal Loan

1. Fast processing: Individuals can look for instant loan apps, making the personal loan approval procedure much faster following a 100% online process.
   
2. Online Personal Loan Eligibility Calculator: Look for a loan eligibility calculator at the lender’s official website. It helps borrowers to check their loan eligibility and applicable personal loan interest rates.
   
3. A High Personal Loan Amount: Depending on the applicant’s eligibility, a lender can sanction a personal loan of Rs. 50,000 to Rs. 25 lakhs.
4. Flexible Loan Tenure: Lenders offer flexible personal repayment tenures – choose from 12-60 months.
5. Know EMIs Beforehand: Borrowers can calculate the EMIs in various tenures using a personal loan calculator and choose the best tenure that suits their current financial situation.

Factors Impacting the Personal Loan Interest Rates

Personal loan interest rates depend on the loan amount, monthly income, employer status, loan tenure, and credit score.

• A high loan amount attracts a higher interest rate comparatively.
• A long-term loan can be availed of at a lower interest rate. It can decrease the EMI, but, in the end, the overall cost will be higher than that of a shorter-term loan.
• Loan applicants working with reputed organisations can enjoy attractive loan offers.

Overall, individuals can meet their financial needs with instant personal loans at favourable terms with stable and high income, decent job profiles, and good credit history.

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