These days, a fairly significant portion of women borrowers apply for Rs 1 lac personal loan amount.
Though there is not exact proof about the reason for the affinity towards this amount, it might be because it’s a round figure and quite a few women these days earn more than that amount every month. So since the loan amount is not much compared to monthly salary, ladies don’t hesitate in taking Rs 1 lac personal loan whenever there is a short-term need for money.
Since personal loans are unsecured that don’t require a collateral, its hassle-free to get these loans on basis of applicant’s their credit history and loan repayment capacity. Also, there is full freedom to use the money for whatever need applicant wants.
Now lets see some mathematics related to Rs 1 lac personal loans. EMI of personal loans depends factors like loan amount, interest rate and tenure.
Assuming the applicable personal loan interest rate to be 15%, the EMIs are as follows:
For 1 year, the EMI is Rs 9025.
For 2 years, the EMI is Rs 4848.
For 3 years, the EMI is Rs 3466.
For 4 years, the EMI is Rs 2783.
For 5 years, the EMI is Rs 2379.
If the rate increases, the EMI too will increase.
In last decade, personal loans have been quite popular and have the maximum share when it comes to number of loans. The most attractive feature of these is that as there is no collateral, there is not much need for documentation or physical verification. An ID proof, Income proof, Address proof and age proof of the borrower is all that is required to apply for a personal loan.
Women find this option far more convenient as its possible to apply, process and get a personal loan in 100% online mode.