Personal loans are a popular financial product that a majority of Indians opt for in times of financial deficits. The large number of financial institutions and NBFCs has lowered the hassle of availing such loans to stay ahead of the competition.
As of now, you can avail online personal loan in your account within 24 hours. You also don’t have to go through much paperwork, provide only minimum documents, and satisfy some basic personal loan eligibility criteria.
Here are a few situations where such loans can be exceptionally helpful:
Debt consolidation
You might have accumulated a large credit card bill and now find it hard to pay it back. Failure to pay the debt can attract high interest rates which increase the total amount payable with every passing day. You also risk decreasing your credit score drastically.
A personal loan can come to your rescue in such scenarios. You can pay off that debt with the loan and avoid all of the consequences. Competitive personal loan interest rates make repaying them convenient.
Medical emergencies
Any medical emergency calls for immediate cash requirements and that too of a high amount. Now, arranging for such funds can become challenging. These situations can become even critical without the availability of medical insurance.
The first option that you look towards is your savings; the next being your investments like fixed deposits, recurring deposits, etc.
You can keep all of these intact and avail an online personal loan. Take advantage of the quick approval to avoid premature withdrawal of your investments.
Businesses needs
Your business may face a sudden cash crunch which can lead to suspension of its operations. Or, a particular supplier may need an advance to provide the raw materials or inventory you require.
These are just a few of the many scenarios where you can avail a personal loan to address these short-term financial needs of your business.
Weddings
Arranging a grand wedding in this country is a substantial investment. And, everyone wants to make their wedding day unique by having a big fat Indian wedding. Destination weddings are also becoming more and more popular, increasing the need for funding even more.
Hence, a lot of individuals opt for an instant personal loan to ensure that each of the numerous aspects to a marriage is covered.
Higher education
Going for higher education, especially in a foreign country, will necessitate a lump sum amount of funds. Arrangement for such finances immediately can become a massive hassle.
In this case, personal loans can come to your rescue and remove all the inconvenience for availing such funds.
Few reasons why personal loans are exceptional for the above situations:
Adequate financing for every need
Financial institutions can offer you up to Rs. 25 Lakh that can suffice all your personal requirements. You can calculate your loan monthly EMI using a Personal loan calculator.
Flexible repayment tenors
Tenors on personal loans range from 12 to 60 months giving you ample time for repayment.
Simple eligibility criteria
You only have to be between the ages of 22 and 55 years and be employed or self-employed to fulfil the personal loan eligibility criteria. Self-employed customers need to have a business that is at least 3 years old.
Few documents needed
Salaried customers have to produce their employee ID card, bank account statements of the last 3 months, and salary slips of the previous 2 months.
Self-employed applicants need to produce their previous year’s turnover audited by a CA and income tax returns of at least the last year.
Pre-approved offers
NBFCs like Bajaj Finserv bring you pre-approved offers that help you save time by making the process of availing loans less complicated. Pre-approved offers are available with personal loans, home loans, business loans, and several other financial products and services. Check your pre-approved offer by providing only your name and phone number.
Make sure to apply with a credit score of 750 or above for instant approval. Doing so can lower the rate of interest and make your personal loan EMIs affordable.
