According to The Economic Times, there is an increase in personal loan applications, particularly from millennials who are looking to finance their lifestyle needs. The report indicates that of all applications made for travel, 85% were made by millennials. This is merely a reflection of the ease with which you can get credit via a personal loan. Today, with the advent of digital lending, online personal loans make financing via a personal loan all the more accessible.
Nevertheless, technological and financial advancements aren’t the sole reason for a personal loan’s popularity. The solution’s inherent features also make it the first choice for many. Read on to know what makes personal loans the go-to solution for when you need instant financing.
Lenders offer a sizeable loan amount for personal loans
Personal loans come with ample financing, enough for big-ticket expenses. For instance, when you take a Bajaj Finserv Personal Loan you get funding of up to Rs.25 lakh. With a large sanction such as this you can book a destination wedding venue, redo your home’s flooring and interiors, or fund your child’s higher education. The large sanction coupled with ease of access makes a personal loan a good emergency loan too, ideal for unforeseen medical expenses.
You don’t need any collateral to avail a personal loan
To obtain a personal loan you needn’t pledge an asset. This helps cut down on the time it takes to obtain funding in two major ways. Firstly, you do not have to spend time in identifying an asset that you are comfortable with offering as security. Secondly, the lender doesn’t have to value your asset or verify its paperwork.
Lenders don’t impose any restrictions on usage
What makes an instant personal loan an all-rounder is that there are no limitations on how the amount can be used. You can use it for planned and unplanned needs, as per your discretion. Be it a holiday in Bali, making wedding arrangements, or paying for your child’s MBA abroad, you can use the amount as you deem fit.
They provide a flexible repayment tenor
Personal loans are ideal when you need instant financing because not only can you avail them quickly, but you can also repay them comfortably. When you pick Bajaj Finserv, for instance, you can repay the amount over a tenor of up to 60 months. By using the EMI calculator before you borrow, you can plan this aspect right down to the last detail.
You can use the Flexi Loan facility
When you apply with Bajaj Finserv, a personal loan is available to you quickly, and also comes with the option of a Flexi Personal Loan. This feature assures you speedy financing as and when you need it. You can withdraw amounts from your sanction without submitting fresh applications each time, and pay interest solely on the sum you use. Since you can pay interest-only instalments for an initial part of the tenor, it makes repayment simpler too.
Lenders often have simple eligibility criteria
Another reason why a personal loan is ideal for instant financing needs is because it allows you to qualify with ease. It has minimal eligibility criteria and you only have to submit a handful of basic KYC and financial documents to prove your eligibility. As long as you have a good credit score and ample income to service EMIs, you can get a low interest rate on personal loans relatively easily.
Getting instant approval and quick disbursal is easy
Once you submit your application online, most lenders offer approval immediately. Bajaj Finserv, for one, offers approval in just 5 minutes. Thereafter, it disburses the loan amount straight to your bank account in a span of just 24 hours. This means that you can meet your needs on time, without any hassles.
These facets make a personal loan ideal for when you need instant financing. In fact, Bajaj Finserv goes the extra mile and extends to you a pre-approved offer. By entering your name and contact number you can check your pre-approved offer, use it to apply and get instant approval through a customised loan deal.
