An unexpected need for funds can come up at any time. Whether it is a sudden hospitalization of a family member or making a down payment for a home / vehicle, a personal loan can be a great ally.
With the integration of technology, you can now get a personal loan online in minutes. Best of all, you can use it for any purpose ranging from lifestyle needs to debt consolidation. How you use the personal loan amount is completely up to you, making it an attractive option even for a first-time borrower.
When facing urgency or a financial crisis that needs your immediate attention, you can count on a personal loan as your go-to solution. Here’s why.
Sizable sanction that you can use for any purpose
A major reason for the popularity of a personal loan is that it allows you to access an ample amount of money. This is complemented by the fact that you can use the funds to meet any goal.
Finance a wedding in the family, a medical emergency, or even urgent home repairs with a personal loan. Once your loan application is approved, there are no restrictions on what you use the funds for. To truly enjoy this benefit, choose a lender who offers a hefty sanction at a competitive interest rate.
No collateral demands
Pledging your assets as security can be a roadblock for many aspiring borrowers. Thankfully, it isn’t required to avail a personal loan. With a credit score of 700 or more and a steady monthly income, you can apply for it and expect quick approval.
This greatly reduces anxiety, especially in times of need, as you can rely on your financial profile to qualify for a loan.
Simple eligibility criteria and minimal documentation requirements
A key element of any loan is the eligibility criteria, as it dictates whether you can apply for it. Most lenders have relaxed criteria for a personal loan, making it much easier to get the money you need.
In most cases, in order to be eligible for a personal loan, here are the terms you need to meet.
- You must be between 21 to 60 years old
- You must be a salaried professional
- You must be a resident citizen of India
In some cases, lenders also check your credit score.
Flexible repayment terms that suit your capabilities
Personal loans generally come with a 5-year repayment tenor, though some may be offered for 5-6 months too. You can choose the duration based on your income and needs so that your EMIs are affordable and don’t drain your monthly budget.
You can reduce your monthly outgo by choosing a longer tenor and can see how this affects your total interest dues by using an online personal loan EMI calculator. Planning repayment becomes very easy with this tool and you can rely on it to guide you during tough times.
Speedy approvals and disbursals that grant instant financing
Today, you can get a personal loan in just a day! With an online approval process and quick transfer of funds to your bank account, this makes personal loans a good solution in a crisis.
All these benefits are best enjoyed when you choose top-tier lenders whose customer service and digital processes support your borrowing journey. You can also save time and benefit from great offers by applying for a personal loan through a loan app. Try the all-in-one Bajaj Markets App on Google Play or the App Store to get digital access to a range of handpicked financial and lifestyle products. Download it today to get a pocket-friendly personal loan in no time!