A Personal Loan is quite a popular product in the financial market as it helps satisfy personal or professional financial needs. It can help borrowers overcome a sudden financial crunch by providing urgent funds required by an individual during an emergency or for a planned motive. Funds from Personal Loans can be used to cover big expenses, host events, get medical treatment, consolidate debts or even to travel. Lending institutions like Poonawalla Fincorp offer these loans with many lucrative benefits.
Benefits of a Personal Loan
Among the many reasons that have made Personal Loans popular, the primary ones are:
1. Avail of Funds without Collateral: Personal Loans do not require assets to be put up as a security since they are unsecured loans. Just make an online application with required personal and professional documents and get quick approval. Keep your assets safe where they belong with yourself.
2. Easy Eligibility for a Personal Loan: Personal Loans are readily available for eligible applicants. There are a few easy eligibility conditions you’ll need to meet in order to get your loan approved:
– The applicant must be between 22-58 years of age.
– The applicant should be an Indian citizen.
– The applicant’s minimum monthly income should be ₹20,000.
– Lenders will prefer your application if you have a high credit score of 750+.
3. High Loan Amount as per Your Eligibility: You can apply for instant small or big Personal Loans. Depending on the lending institution and their eligibility parameters, you can get approved for a Personal Loan of up to ₹30 Lakh.
4. Attractive Interest Rate: Reputed lenders like Poonawalla Fincorp provide instant Personal Loans to individuals in need of urgent finances at competitive interest rates, which vary for different individuals depending on their eligibility for a loan.
5. No Prepayment Fee: If you need a Personal Loan to meet sudden financial obligations, you can make a prepayment if possible. It will lead to a stress-free life with more disposable income in your hands to save.
6. Save Time and Efforts: Lenders can now sanction Personal Loans digitally with eKYC where loan applicants can save time and efforts. You can apply online whether you are at home, office or travelling. Renowned lenders take only a few minutes to process your loan application.
7. Minimal Documentation: The lenders require minimal paperwork for a Personal Loan. Your digital documents can be processed in real-time. You can complete the loan application procedure online by following easy steps and benefit from a quick approval and disbursal of funds after successful document verification. To complete the loan application, you need to upload basic KYC documents – ID proof, Income proof, like salary slips for the past three months, and bank statements for the past six months.
8. Flexible Repayment Tenure: Lending institutions offer Personal Loans with a convenient repayment tenure. You can choose the tenure up to 60 months after disbursal; in line with current and expected finance inflow and outflows. It is better to apply for a long-term loan if you find it difficult to manage a high amount of EMI as it is a regular monthly payment. Otherwise, you can consider a short-term loan to close the loan account sooner. Loan applicants can use a Personal Loan Calculator to calculate EMIs before making a loan application and plan the loan repayment accordingly.
9. Easy Track of Loans: Lenders offer a Personal Loan mobile app that makes it easy to track your loan account and submit documents. You conveniently track your outstandings, fractional interest outlay, and due payment dates. Get all details with a click of one button.
10. Fast Loan Disbursal: Once the loan application gets examined and approved by the lender, you can receive your funds directly in your bank account. Loan disbursal is fast and convenient with a direct bank transfer option.
These are the key benefits of Personal Loan that make this loan attractive in comparison to other types of loans. Borrowers can choose automated facilities to get the notifications of EMI payment reminders and ensure timely payments. It helps you to maintain a good credit history with prompt payments.
An individual can consider renowned NBFCs, like Poonawalla Fincorp, that offer the Personal Loans at competitive interest rates through a digital process for loan disbursal: making funds readily available for loan applicants.
