You may have some financial obligations and certain personal/financial goals that you may like to achieve in your life. However, your existing income or salary may not be enough to fund the same. In the same context, scores of people like you globally prefer easy financial alternative in the form of personal loans.
Personal loans have emerged as one of the easy solutions that can help you meet multiple needs without availing any other credit. Be it a medical emergency, business expansion, upcoming marriage or more; a personal loan can fund all. The multi-purpose nature of personal loans makes it one of the preferred financial solutions today.
Leading lenders in India can provide you with a higher personal loan amount of up to Rs.25 lakh at a reasonable rate of interest.
All that you have to do is meet the personal loan eligibility criteria of a lender and submit some documents to access funds super fast.
If you wanted to meet some of your financial goals without liquidating your investments and savings, then opting for personal loans is the best bet. Not convinced? Read on!
Reasons Why People Prefer Applying For Personal Loans
A Large Amount Made Possible
When you need a higher amount of money, you can rely on personal loans to help you. Reputed creditors in India can help you borrow up to Rs.25 lakh. Hence, no matter what your need is, you can easily fulfill all with personal loans. You can get a loan online at a lower rate of interest if you have a robust CIBIL Score and repayment history.
Comes with Instant Approvals
Many people who require some money to fund their needs apply for a loan at the eleventh hour and can’t wait for the lender to keep processing the loan request for many days. Lenders are aware of this, and as a result, they offer borrowers with instant approvals. Once you apply for personal loans online by submitting the form, you can get loan approval within a few minutes.
Money in Your Bank Account Within 24 hours
After you have availed loan approval from a lender, you can access the funds quickly. Most of the online lenders disburse the required loan amount into your bank account within 24 hours. Hence, you don’t need to wait for the money to meet your expenses.
A personal loan is an unsecured funding facility which means that you don’t need to submit any collateral or security. It all depends on your creditworthiness. It is the reason that lenders charge higher interest rates to cover default risks. If you have maintained a strong CIBIL Score, repayment record or employment consistency, you can get the loan approval. Having robust creditworthiness also means negotiating for a better deal with your lender.
You Can Use The Loan Amount For Multiple Purposes
As the name suggests, a personal loan can be used for many purposes, and there are no restrictions on the usage of funds. Most of the borrowers get a loan online for managing needs such as:
- Debt consolidation
- Wedding preparations
- Business expansions
- Higher education expenses
- Vacation or trip needs
- Medical emergencies
- Other personal needs
You Can Repay The Loan Over a Flexible Tenor
Applying for personal loans online can help you enjoy a flexible loan tenor ranging between 12 months and 60 months. This way, you don’t need to stress about repayments as you can spread the loan cost over a longer tenor to pay small EMIs.
Online Loan Account Management
Right from the online loan application process to the loan tracking and beyond, everything is available online. You can simply track the loan details via the digital customer portals of lender 24/7. This way, you don’t have to visit the bank physically to enquire about paid EMIs, upcoming EMI payments, rate of interest and more.
How to Apply For Personal Loans Online?
Applying for personal loans is easy if you can follow some steps such as:
Step 1 – Fill in your personal, financial, and employment details on the online personal loan application form on a lender’s website.
Step 2 – Select the required personal loan amount and repayment tenor and grab instant online approval.
Step 3 – Submit the required documents online to a lender’s representative who will contact you.
Step 4 – Get the desired loan amount disbursed into your bank account within 24 hours.
You are now aware of the reasons behind the popularity of personal loans, and you can apply for it if you need some funds to cover your needs.
Bajaj Finserv also presents many pre-approved offers on multiple financial services such as personal loans, home loans, EMI finance, and business loans and more. They can make your loan procedure hassle-free and less time-consuming.
You can explore your pre-approved loan deals now after sharing your basic details such as name and mobile number.
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