Have you ever wondered what partial payment is, how does it work and what benefits it has? Don’t worry. You will get all the information here.
Partial payments with respect to loans are referred to the payment made over and above the regular EMI but less than the total loan amount. It is usually the percentage of the total amount or partial payment. Because of this type of payment, you are allowed to pay the rest of the loan amount in installments.
A part payment of personal loan can happen only when you have a part of the sum money to pay for your requirements but is not equivalent to the entire personal loan amount. However, it is usually a good thing as it decreases the monthly EMI amount and the total interest rate that you have to pay. Another advantage of this type of payment is that you are allowed to make another partial payment if you want to.
Partial payments will not have an impact on your credit score. In fact, it reduces your burden of paying the entire loan amount at a time, which in turn makes sure that you can pay the remaining amount in installments over a specific time period.
Moreover, it offers less interest rate. Since the entire loan amount decreases, it has an impact on the interest rate as well. However, make sure that you are paying the installments regularly so as to save more by minimizing the interest.
The downfall to partial payment agreement is that you will lose access to a huge amount at once. However, you always have the option of investing this lump sum amount somewhere else. It is highly advisable to invest the money with financial products that offer a better rate of return.
What Is Partial Payment/What Is The Concept Of Partial Payment?
The concept of partial payment is highly popular, especially while purchasing large assets or when availing a personal loan.
As a matter of fact, the concept of availing a short-term cash loan is gaining popularity as well. Here, you can seek a quick loan for a shorter time period, especially in case of financial emergencies.
On the other hand, when you apply for larger loans, you can opt for partial payments. The remaining loan amount gets converted into monthly installments for your convenience.
Benefits of Partial Payments
One of the major benefits of Bajaj Finserv Personal Loan from Finserv MARKETS is its fast online application processing. This online process includes minimal documentation. The loan application is approved in under 3 minutes and the loan amount is credited in your bank accounts within 24 hours.
Since money loans are unsecured loans, you do not have to showcase any collaterals. This feature makes this type of loan highly popular. Moreover, the loan process is quicker and user-friendly. You do not have to visit your lender’s office for availing a personal loan.
The Bottom Line
Are you looking for a personal loan? Get in touch with us at Finserv MARKETS. You can benefit from the features such as quick disbursement, low EMI, minimal documentation and many more.
What else do you want?
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. So, 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!