3 Great Reasons to Get a Personal Loan
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3 Great Reasons to Get a Personal Loan

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With no end-use restriction, collateral-free personal loans are ideal to meet your financial emergencies. You can not only meet your education costs but also fund your professional needs, medical emergencies, and wedding costs with the funds available. Besides, with the affordable personal loan interest rates, the total cost of your loan stays minimal owing to which such loans are unlikely to be heavy on your pocket.

Being full of lucrative benefits, the rate of availing personal loans grew at 20.4% between 17th February 2017 and 18th February 2018.

Additionally, shared below are some of the reasons as to why you must avail a personal loan.

 

1. No collateral

One of the significant reasons to apply for a personal loan is that these advances are collateral-free. It ensures that in case you default on the payment there is no risk of your property or asset being transferred to your lender.

However, it is essential that you pay your EMIs on time to avoid debt accumulation and late penalties. Besides, making timely payments also helps in maintaining a healthy credit score that secures your way to avail credits as and when required. Also, holding a CIBIL score of 750 and above eases your way to avail affordable personal loan interest rates.

 

2. Relaxed eligibility criteria

To get a personal loan, you are required to meet certain eligibility pointers. Although they vary as per lenders, these are among the most common pointers of eligibility –

  • Applicants must be between 23 and 55 years of age.
  • Hold the required CIBIL score for a personal loan.
  • Have a stable source of income and be employed under a private, public company or an MNC.
  • Be a citizen of India residing in any of the cities where the lender would operate.

 

3. Convenient application process

It is always advisable to opt for lenders who accept personal loan online applications. To apply for a personal loan with such a lender, you are required to fill an online application form available on the official website of your lender. To fill the form, you are required to share minimal details like your name, contact details, annual income, age, residential address, etc. Submit the required documents to complete the application process.

Apart from the above, personal loans also offer you attractive interest rates to lower the cost of your loan. You can use an personal loan EMI calculator to estimate your EMIs and manage your finances accordingly. To use the calculator, you are required to share your loan amount, loan tenor and interest rate. The calculator will show you the EMIs and the total cost of your loan. Consider altering your loan tenor and loan amount to estimate the EMI you will be comfortable with.

Several financial institutions and NBFCs offer such advances at attractive interest rates, Bajaj Finserv being one of them. They offer personal loans which are offered over a prolonged tenor, minimal documentation process, instant approval, faster disbursal within 24 hours, collateral-free loans, and online account management.

They also provide pre-approved offers on such loans to reduce the hassle of the application process and to save your time. These offers are also available on several financial products such as personal loans, business loans, home loans, professional loans, etc. You will only have to share minimal details like your name and phone number to take a look at your pre-approved offer.

Additionally, you are also required to submit minimal documents such as Aadhaar card, PAN, voter ID, electricity bills, telephone bills, salary slips, income tax returns, etc. Besides, you can also enjoy quick disbursal facilities within 24 hours.

Personal loans also offer you with foreclosure facilities at minimal charges. While you choose to foreclose, analyse your financial stability to ensure your payment does not burden your budget. Refer to leading lenders who offer additional borrower-friendly features which can further help you repay the loan with ease.

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