Personal loans have become a go-to financial solution in India. The cumulative book size of personal loans shows a considerable increase of 33.33% [EW1] from 2021 to 2022, according to a report. The main reason for its increasing demand is that it is an easy loan to access and avail. Digitisation has also had a hand in this, as you can easily browse various lenders before you zero in on a loan provider.
In fact, you can even download a personal loan app and avail these retail loans within seconds through your smartphone. All of these benefits make personal loan an ideal financing solution for a wide range of needs.
To know more about its features and why you should use it for big-ticket expenses, read on.
Grants access to an ample, restriction-free sanction
With a personal loan, you can avail a considerable amount instantly without any limits on usage. Some lenders provide up to ₹50 Lakhs, which you can use as per your needs.
This helps you manage your big purchases, whether it is upgrading your home with the latest appliances and furniture or financing your overseas trip.
To choose the right lender, all you need to do is install a dedicated personal loan app to avail this easy loan via a simple and quick process.
Simplifies access to funds
Since it is an unsecured loan, you can avail a personal loan without having to pledge any valuable asset as collateral. This makes a personal loan is a great financing tool for handling big-ticket spends with zero risk to your assets.
However, note that your loan approval depends on your profile, credit score and financial history. So, maintain a good credit score of 750 or above to avail this easy loan instantly.
Serves as an instant funding solution
While it is an easy loan to avail and finance large purchases with, a personal loan can come handy during an emergency, such as a medical surgery, too. The reasons behind this are that it requires minimal documentation and offers quick disbursal.
With a personal loan app, you don’t need to submit lengthy paperwork. All you need to do is fill in the required details online, attach relevant KYC and financial documents on the app and you are good to go!
Within minutes, you get the loan approval after the lender verifies your documents. Your loan amount is also credited to your back account within 24 hours so you can manage urgent needs with ease.
Offers flexible repayment solutions
Most banks and NBFCs allow you to choose a repayment tenor ranging from 1 to 5 years, with some offering short-term personal loans with repayment in 2 to 3 months too. Choose an option that best fits your budget by comparing them on a personal loan app.
You can also use an online EMI calculator to compute your EMIs based on the repayment window. This can help you select the right tenor and also make smart decisions about the loan amount.
Allows you to avail funds on pocket-friendly terms
Most lenders offer you attractive rates of interest on personal loans based on your eligibility and credit score. Using a personal loan app, you can compare various lenders and choose the one providing the most competitive rates.
This enables you to plan your finances without much hassle. Be smart and choose a lender who also keeps other associated fees low, such as processing charges, EMI bounce charges and prepayment fees.
Whether you need to renovate your home or manage wedding expenses, you need not worry much about the interest rates when you choose the right lender.
Personal loans are one of the most flexible solutions that you can use to manage your big-ticket purchases or meet unexpected needs. For quick loan approval, you can download the Bajaj Markets App from Google Play or the App Store.
This digital marketplace gives you access to a variety of financial and lifestyle products and can also double up as a personal loan app too! Use it to avail the right personal loan and manage your big spends like a pro.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
