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Personal loans are the fastest growing consumer debt type

By Finserv MARKETS - Apr 18,2019
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Personal loans are the fastest growing consumer debt type

The number of loan applications have seen a significant jump over the last couple of years. They have been enabling people acquire whatever they desire. Loans consist of various categories such as home loans, business loans etc. however, personal loans have gained significantly popularity since quite some time. This is primarily due to the nature of the loan; it can be availed without providing any security against the loan amount. A financial or Non-Banking Financial Company (NBFC) will never ask you the reason behind availing the loan. You can take the loan for a holiday, for wedding or medical purposes, whatever maybe the reason you never get questioned for it.

Getting a Personal Loan

One can acquire a personal loan either over the counter or through an online application. With a NBFCs like Finserv MARKETS, the personal loan application process is easy, quick and can be availed right from the comfort of your home. Once we get the required documents and the eligibility is met, your loan can be processed within just 24 hours! We take great pride in the fact that we are the fastest in terms of online loan application processing.

The reason behind growth of Personal Loans

Two major reasons behind the growth of Personal Loans are the flexibility and the availability. Personal Loans are easy to get and this accessibility has led to the growth in the financial sector too.

Lenders have gone digital

The digital space has made it really easy for the borrower and the lender to transact. Earlier, one had to make time from work and personally go to the bank and get the process started. Now, things have changed, an applicant can just upload all the documents and wait for the bank’s verdict. This presence in the digital space has not only made things easier for the lenders but borrowers as well.

Lenient process

Personal loans are not just restricted to banks but NBFCs offer them as well. So, if one lender rejects your application you can always try another vendor. Finserv Markets’ personal loan instant eligibility calculator allows you to check if you’re eligible for a loan or not. You can do this by entering your date of birth, city, monthly income and expenses and the calculator will promptly give you the amount you’re eligible for.

CIBIL Score

A CIBIL score is the deciding factor for a personal loan. If you have a poor CIBIL score, chances of getting a personal loan is thin but the whole process is a cake walk if the CIBIL score is good. In case of a poor CIBIL score, there is still a chance of getting a personal loan if your income has improved. The improvement in income will be taken into consideration and the applicant will be looked at as someone who can repay the amount. However, in such cases the interest amount may be higher than usual.

Looking for a Personal Loan? Choose Finserv MARKETS and benefit from the features like low EMI, instant approvals, minimal documentation and zero hidden costs to name a few. The entire process takes just 3 minutes with disbursement of loan under 24 hours to assist you during your hour of need. So why wait? 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!”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522