WHY TAKING A PERSONAL LOAN IS BENEFICIAL?
Personal loans are always like a helping hand for people with 9-5 jobs and getting a decent salary every month. Some expenses are unpredictable but are unavoidable. Here the personal loan comes in the picture, which is basically an unsecured consumer loan ideal for salaried professionals.
Most private/government banks and financial institutions provide personal loans without the need for any collateral type. As a result, personal loans come in the category of ‘Unsecured Loans.’ Nevertheless, the rate of interest (ROI) and processing fees are higher than vehicle and home loans.
In a nutshell, like other loans, personal loans do have some pros and cons. If you need instant cash without mortgaging your vehicle, land, ornaments, and house, look no further than personal loans.
With the latest advancements in banking technologies, you can check whether you’re eligible for your desired personal loan or not. Less paperwork, minimal documentation required, instant payment disbursement, flexible EMIs, and direct transfer to your bank account!
Personal loans are safe until you have a stable income source and you’re paying the EMIs before the deadline. Before you apply for the personal loans, below, we’re mentioning some critical questions you need to think about.
Is the personal loan the only option for your unpredictable expenses? Are you sure you’ll be able to pay the EMIs?
What are the eligibility criteria for your desired personal loan? What is the exact loan approval process?
Is your current source of income stable enough to pay the loan EMIs?
Now, once you’ve thoughts about these questions, let’s dive straight into knowing the advantages of personal loans.
It Fulfills Your Unpredictable Expenses
See, these unpredictable expenses are very awkward because they can occur anytime. Sometimes, you can bear them, but not every time. There might be times when your partner, family members, and friends won’t be able to support you financially!
Plus, asking for money from someone is humiliating, and it hits your self-confidence. Thanks to the personal loans that are 100% unsecured and you can get instant cash within 24 hours.
It Is A 100% Unsecured Loan
As already mentioned above, personal loans are 100% unsecured, which means any collateral type isn’t required. The best part about personal loans is they are handy, and repaying them isn’t a challenging task.
It Is Ideal For All Purposes
Personal loans are considered when you’re desperate for instant cash. But sometimes, you can use personal loans for travel, medical, and shopping purposes. In simpler words, when you need instant cash without giving any collateral, personal loans are best! Forget about your purposes and the intent of the loan. If you require instant cash within 24 hours, personal loans are available for you everywhere.
It Boosts Your Credit Score
Regardless of the personal, e-commerce, gold, vehicle, and other types of loan, when you're paying EMIs before the deadline means improving your credit score. Personal loans are like small financial products when compared to education loans and home loans.
As a result, when you repay your personal loan on time, it becomes easy for you to grab bigger loans in the upcoming years.
Get Instant Cash With Less Worries
When you don’t have to pay any collateral or seek assistance from someone to become your guarantor, personal loans become the best bet! You don’t have to seek assistance from your parents and don’t have to touch the savings. As long as your income source is stable, you don’t need to worry while applying for personal loans.
Nowadays, some special personal loans with lower interest rates are available for students and young working professionals. Youngsters can seek personal loans ranging from 1000 INR up to 1 Lakh for their personal needs or starting new businesses.
Instant Disbursal Of The Funds
In India, all the private, government, cooperative banks, and other financial institutions are ready to offer personal loans. Nevertheless, the eligibility criteria, the application process, interest rate, and repayment procedure might differ. However, the application process is not time-consuming, and the repayment procedure is super flexible. Plus, disbursal of the fund takes place within 24 hours of the approval.
Wrapping Up
Personal loans are super beneficial in unfortunate circumstances. However, they can break your pockets in the longer run. Some better alternatives are also available, but everything varies from person to person. Before applying for a personal loan, consider various aspects and try to stay on a safer side.