Personal Loans are gaining momentum in India, people are no longer hesitant about getting a loan. In fact, people prefer loans that are quick and do not require much paperwork. From banks to NBFCs (Non-Banking Financial Companies) personal loans can be availed easily from any financial institutions. As the lending and borrowing process is getting simpler, more people are drawn towards it, pushing the growth of Personal Loans. The growth and the evolution of loans is attributed to a lot of factors. Let’s discuss those factors that have influenced the changing trends in personal loans:
Digitisation of Personal Loans
There has been a significant rise in the demand for personal loans because of the digitisation in the finance sector. The moment banks and NBFCs (non-banking financial companies) introduced their apps and websites, loans became more accessible and hassle-free.
Flexible Tenure and EMIs
A Personal loan gives you the flexibility to select a repayment tenure of your choice. You can also take a personal loan for a short period and repay as per your spending capacity. If you plan on going for a personal loan available on Finserv Markets, you can choose a repayment tenure between 12 – 60 months.
Due of the growth of personal loans, banks are encouraging people to apply online and submit less documents. This attracts more people as the application is done based only on your KYC documents.
Increase in Financial Awareness
People are more aware about managing their debts and finances. There is no stigma or fear attached to loans anymore. People pay off multiple debts with one loan and repay that loan at an EMI rate that is feasible to them.
Introduction of Credit Score System
The credit score system encourages people to build a good credit history and manage their finances well. Less credit score means less scope for loans, therefore, people manage their money and spend wisely. Because of the credit score system or CIBIL (Credit Information Bureau India Limited), a lender can also scan the borrower’s profile closely and decide his loan eligibility. Therefore, this system is a boon to both borrower and lender.
The Personal Loan sector is growing in leaps and bounds in India. This is the most attractive loan in the unsecured category plus less hassle too. All these factors are making it the favourite of the masses and because of the lifestyle of the people. Personal Loan will see more growth and more demand in the days to come.
Need a personal loan? Look no further! Visit Finserv Markets and benefit from the features like quick disbursement, low EMI, minimal documentations and a list of other features. What’s more? Your online personal loan application can be approved under just 3 minutes and the loan amount will be credited to your bank account within 24 hours! Apply for Bajaj Finserv Personal Loan with us, today!
Finserv Markets, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!