Top 4 Personal Loan Features Every Borrower Should Know

If you’re planning to take a personal loan, it’s important to understand the key features that can make borrowing easier and smarter. Here are the top 4 features every borrower should know:

No Collateral Required

Personal loans are unsecured, which means you don’t have to pledge any assets like gold or property. This makes the process quicker and hassle-free.

Flexible Repayment Tenure

You can choose a repayment period ranging from 12 to 60 months based on your monthly budget. A longer tenure means smaller EMIs, while shorter ones help you close the loan faster.

Quick Approval & Disbursal

Many lenders, including Muthoot Finance, offer instant approval and fast disbursal. This makes personal loans ideal for emergencies or urgent expenses.

Fixed Interest Rate & EMI

Most personal loans come with a fixed interest rate, so your EMI stays the same throughout the tenure—making it easy to plan your finances.

Suggested Read: Major Factors That Affect Personal Loan Interest Rates

Understanding these features can help you make an informed decision and choose the right personal loan for your needs.