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Top 4 Benefits of a Personal Loan

By Finserv MARKETS - Jan 5,2021
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Top 4 Benefits of a Personal Loan

✓Minimal Documentation ✓Collateral Free Loans ✓Instant Loan Disbursal | Apply for Personal Loan Now!

All of us want a life of luxury with the confidence of financial security. A life where we live healthy and fulfill all our dreams. Sometimes, in order to achieve our life goals, we would want to borrow money. In such cases, financial instruments like Personal Loans can come to our rescue. A Personal Loan is a great tool when you need money on an immediate basis or do not want to borrow from friends or family. A Personal Loan is also a convenient option because you can repay it in pocket-friendly instalments, over a period of time and you can get the funds very quickly with little to no paperwork. In short, Personal Loan helps you fulfill your financial requirements by offering quick and easy access to lumpsum cash. Today, numerous banks and NBFCs provide Personal Loans at affordable interest rates, to help you live your life without any stress. It has got some amazing features which makes it the sought-after financial option among people. Let us take a look:

  • High Loan Amount

Our personal needs and requirements that include travelling, home renovation, child education, can bring in a lot of expenses. Keeping this in mind, financial institutions offer loans of higher amounts. Most of the banks and NBFCs provide loans as high as Rs. 25 Lakhs. Typically, the loan amount that gets approved for disbursal depends on credit score, repayment history, ability to repay and other additional information of the borrower. Also, the above mentioned factors will also decide the interest amount that you will need to pay along with the principal amount. Getting a loan at lower interest rates will help you save money and manage your repayment better.

  • No Collateral

The most hassle-free feature of Personal loans is that it can be availed without having to pledge a collateral. A collateral is any form of asset that needs to be provided to the bank/NBFC, as a security against the loan. The collateral can be a vehicle or your property. For Personal Loan, there is no need of pledging any asset and you can avail it without any burdens.

  • Flexible Repayment Tenure

Once you avail the loan, you will need to repay it in Equated Monthly Instalments (EMIs). The repayment tenure of Personal Loans is quite flexible and typically ranges between 1-5 years. This means, you can select the period over which you want to repay your EMIs as per your financial stability.

  • Varied Uses

A Personal Loan can be used for various types of purposes or requirements. Typically, lenders don’t ask to specify the reason for which the loan is being borrowed. The various reasons for which you can take a Personal Loan are travel, wedding, home renovation, medical emergency, education, debt consolidation and much more. To elaborate, Personal Loan can help you pay for all your travel expenses like booking of flights, accommodation etc. It can also help you with your wedding related expenses like catering, outfits, accommodation, and even gifts. With a Personal Loan, you can give your home a complete makeover by buying new furniture or having your walls refurbished and painted with vibrant hues. You can also consolidate all your debts into a single loan with a Personal Loan.

Conclusion

A Personal Loan is a great financial tool in times of crises and when you want to fulfill a lifelong dream. So if you are looking for a Personal Loan, head to Finserv MARKETS today! Partnered with multiple lenders, you get the opportunity to choose from a varied range of lending products, on the platform. You can avail a loan as high as Rs. 25 Lakhs. The entire application process is completely online and you don’t have to pledge any collateral as well. The documentation process is completely minimal. The repayment tenure ranges between 1 year to 5 years and you can get your loan disbursed in just 24 hours. What’s more! You can track your loan status on the Customer Portal or Finserv MARKETS App. You can also check the amazing range of Personal Loan offers of various financial institutions, we have partnered with, on the App. So, apply for a Personal Loan on Finserv MARKETS today and live life the way you want.

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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522