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What are Personal Loan Benefits?

Personal loans are one of the most popular methods of financing among individual customers. Being unsecured loans that do not require any collateral, these financial products are easier to obtain than other secured methods of financing. Furthermore, they also come with a variety of other advantages. One of the foremost benefits of personal loans is that you can use them for a variety of purposes. If you’re looking for some extra funds to meet your short-term and long-term requirements, you can avail personal loans on Finserv MARKETS without any hiccups.

Benefits of Personal Loans

There are many advantages of personal loans that make them one of the most preferred financing options out there. Let’s take a look at some of them.

  • They can Help with Debt Consolidation

If you have multiple debts like high-interest credit card dues or other secured loans, you can avail of a personal loan to consolidate all those other debts and clean up your portfolio of liabilities. Personal loans also come with lower interest rates than many credit cards, so you can essentially use this financial product to swap out a high-interest debt with a low-interest one. Read more about personal loan for debt consolidation.

  • You can use them to Fulfill a Variety of Requirements

Unlike many other retail loans, there aren’t many strict restrictions on usage when it comes to a personal loan. That’s one of the most useful advantages of personal loans, because you can use this borrowing to fund a vacation, purchase an expensive gadget, repay other borrowings, or even to pay for your wedding costs. Personal loans can also help you meet emergency requirements like medical expenses.

  • They can Offer Tax Benefits

While personal loans, by themselves, may not offer tax savings, you can still manage to save tax with a personal loan, depending on what purpose you use the funds for. In case you avail of a personal loan to pay for home improvement, to purchase or construct a house, or to pay for higher education, you can make use of the relevant provisions of the Income Tax Act to claim tax benefits.

  • Repayment is Easy

Repaying a personal loan is very easy. Many factors like affordable and easy EMIs, convenient repayment tenure options, and fixed monthly payments make repayment a breeze. Furthermore, it may also be possible for people with less-than-excellent credit scores to obtain a personal loan, although it may be at a slightly higher rate.

Benefits of Personal Loans Available on Finserv MARKETS

Aside from the above-mentioned advantages of personal loans, there are many benefits that are specific to personal loans availed on Finserv MARKETS, right from easy application to transparent terms. Here’s a detailed look at the Personal loan benefits:

  • Adequate Financing up to Rs. 25 Lakhs

On Finserv MARKETS, you can avail instant personal loans going up to Rs. 25 lakhs. With adequate financing options like this at your disposal, you can easily meet your requirements.

  • Flexible Repayment Tenors

You can also repay your loan in easy EMIs across a flexible repayment period. The repayment tenor ranges from as low as 12 months to as long as 60 months. Furthermore, you also have the freedom to choose the period that best suits your requirements.

  • Easy Loan Application

An easy application process is also among the many personal loan benefits you get on Finserv MARKETS. It only takes about 3 minutes to fill out your application and submit it online. The process is that simple!

  • Minimal Documentation Requirements

Another one of the numerous personal loan benefits on Finserv MARKETS is that there’s no extensive paperwork involved. The only documents required for personal loan applications are:

  • PAN Card
  • KYC documents like Aadhaar card, passport, or driving license

  • Bank account statements pertaining to the previous three months

If you’re a salaried employee, you will also need to submit your employee ID card and your latest salary slips. If you’re self-employed, you’ll need to provide documents showing proof of business, the details of the previous year’s turnover, and income tax returns.

  • Quick Loan Disbursal

In addition to easy application, the loan disbursal is also quick and hassle-free. Once your application has been approved, your loan is disbursed within a matter of 24 hours. Thanks to this speedy disbursal, you can meet emergency expenses without any trouble.

  • Zero Collateral Requirement

Personal loan benefits on Finserv MARKETS also include zero collateral requirements. Since these loans are essentially unsecured borrowing, you need not offer any security, guarantor, or collateral to apply for and avail a personal loan.

  • Affordable Interest Rates

An affordable rate of interest is levied on personal loans on Finserv MARKETS. You need not worry about exorbitant rates eating into your savings, because interest rates on our personal loans start at 12.99% per annum.

  • Uncomplicated Eligibility Criteria

The eligibility criteria of personal loan are also simple and straightforward. To be eligible for personal loans on Finserv MARKETS, you need to be an Indian resident and a salaried employee aged between 23 and 55 years.

Now that you know of the many advantages of personal loans, you’ll see why it’s such a versatile and customer-friendly method of financing. If you’re interested in applying for a personal loan, you only need to head to Finserv MARKETS and file an application online. Once it’s approved, you can enjoy all the personal loan benefits listed above, and more. You can also avail personal loans on the Finserv MARKETS app. Its quick and responsive interface coupled with exclusive in-app offers makes it an excellent avenue for borrowers seeking personal loans.

Check out fullerton personal loan eligibility

Happy Customers of Finserv MARKETS

Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!

I am passionate about the vehicle I drive. I want to protect it with the best available option. What amazed me was the full transparency, quick quotes and the attractive discount on the premium while choosing the annual payment option!

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My husband and I will finally move into our own house this Diwali. All thanks to Bajaj Finserv, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!

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