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Unsecured loans like personal loans have become dime a dozen. Nothing can beat the purpose a personal loan in Varanasi can serve especially funding immediate financial contingencies including health treatment, marriage, etc. Today, India’s leading financial institution Bhumi Finance is here with everything you need to know before submitting that personal loan in Azamgarh application. So, get, set, and read:

Can personal loans be secured? Well, yes!

Most of the people that approach Bhumi Finance for its lucrative interest rates are not aware that personal loans can be secured. Well, they can be secured. In fact, personal loans can be of different kinds. Here is a list of personal loans:
Unsecured Personal Loan: This is the ideal definition of a personal loan in Varanasi i.e. a loan borrowed without any asset or collateral.
Secured Personal Loan: When you keep your home, car, savings account, insurance, gold or another asset as collateral with a bank or a financial institution, it is called a secured personal loan in Basti.

Personal Line of Credit: This is a type of personal loan in Varanasi that can be borrowed whenever needed by accessing a line of credit up to a specific amount.
Personal Loan Against Credit Card: A loan borrowed against a credit card’s available balance.
Pension Loan: A loan borrowed by retired personnel or senior citizens.
Wedding loan: A loan borrowed to meet wedding expenses.
Vacation loan: A loan borrowed to finance a holiday trip.

Home renovation loan: A loan borrowed to make renovations to the home. It helps to increase the value of the house in the real estate market.
Consumer Durables loan/CD loan: A Consumer Durable loan is borrowed to buy consumer goods such as home and electrical appliances.

Are you eligible for a personal loan?

Since these loans are unsecured, at what rate of interest you will get the loan and how much, whether or not you will get the loan, totally depends on the credit quality of the bank or financial institution. If you have good creditworthiness, you are likely to get the loan at an attractive rate of interest. If you have been a long time customer with the bank, with sound track record of financial discipline, you may also get a pre-approved personal loan in Ballia.

The Payment Tenure at Bhumi Finance

Personal Loan tenure at Bhumi Finance may vary from a minimum of 12 months to a maximum of 84 months depending on the borrower’s income, credit history, etc.

How to calculate your personal loan EMI beforehand?

The formula used to calculate EMI on personal loan in Basti is:
EMI = [P x R x (1+R) ^n] / [(1+R) ^ n-1]

Here, P = Principal loan amount
R = Rate of interest
N = Number of monthly installments.

For example:

Let us assume that the principal amount is Rs. 5 lakh, the rate of interest is 15 percent per annum (= 15/12= 1.250 per month) and number of months stand at 60.
EMI = [500000*1.250/100*(1+1.250/100) ^60]/ [(1+1.250/100) ^60-1] = Rs. 11,895

Before you approach us with your personal loan in Basti application, you must be well-versed with the concept of prepayment. Prepayment refers to paying off your personal loan in Chandauli before the designated repayment tenure ends. It helps the borrower save on the interest compounded on the principal loan throughout the repayment tenure. It also enables the borrowers to successfully clear the debt and free up his/her finances.

Sounds great? Well, apply get a personal loan transfer at https://bhumifinance.com/.