Personal Loans can help when you need money in a short span of time as they are unsecured and you can apply for them online, no matter where you are. You can utilise a Personal Loan for any purpose as there is no restriction over how you use the funds.
Maximum usage flexibility, competitive interest rates, a comfortable repayment tenor, and lack of too many additional charges are some factors that make a Personal Loan ideal for young professionals. To get the best deal, avail a Personal Loan from NBFCs to get up to Rs.25 lakh at nominal Rate of Interest on Personal Loan for a period ranging from 12 to 60 months. They also gives you an option to avail a Flexi Loan facility, where you can withdraw money from the total sanction whenever you need and pay interest only on the amount utilised. Additionally, you can choose to pay interest-only EMIs and repay the principal at the end of tenor. This reduces your repayment obligation and saves you up to 45% in the form on lower EMIs.
With all these advantages at your fingertips, take a look at various reasons why it is a good idea to avail a Personal Loan to finance your expenses.
Improves your Credit Score
A CIBIL score less than 750 and a credit history of delays, defaults, and EMI skips creates a bad impression of you as a borrower. Additionally, if you have not taken any credit in the past, your score will be low too. To boost your credit score instantly, you can avail a Personal Loan to improve your Credit score or credit profile. The moment you take this loan and repay it in a timely fashion, your credit score will increase. If you have existing credit card debt too, you can consolidate your dues with this loan and improve your score simultaneously.
Builds Financial Discipline
With a Personal Loan to repay, you will begin to plan your income-expenditure ratio better and create a monthly budget too. Of course, when you are devoting a part of your salary every month as EMIs, you will start finding ways to trim your expenses. This helps you save money, and trains you to be more financially disciplined too. This will come in very handy if you want to avail a lengthy and hefty loan such as a home loan in future.
Helps you During Emergencies
When you face an urgent need for cash, a Personal Loan often provides the fastest and easiest solution. This is because a Personal Loan is quick to apply for, doesn't need too many documents, and is disbursed by lenders in just 24 hours. Also, since it gives you up to Rs.25 lakh based on your eligibility, you can fulfill your immediate needs without hassles. For example, ensuring you or your loved ones get good quality healthcare is now more expensive than before. When facing a situation like this, liquidating your investments may seem like the only option. However, now you can leave your savings untouched and opt for a nominal-interest Personal Loan to meet the cost of treatment, hospitalization, surgery, post-operative care, and more.
Helps you Meet Personal Goals without Delay
Be it a travel plan to Europe with the whole family, renovating your apartment to increase your comfort, or planning a destination wedding, you may have many milestones to reach. A Personal Loan can help you do all you want without hassle. This collateral-free loan doesn't risk your personal assets and doesn't burden your finances. It offers you a chance to repay with ease on your chosen tenor and achieve your goals without any compromise.
Gives you a Way to Tackle Unpredictable Needs
Availing a Personal Loan from NBFCs offers you a chance to enjoy the Flexi Loan facility. This facility allows you to withdraw funds from your sanction as and when required. Here, you pay interest only on what you use. Thus, you save on interest cost when you don't know the total loan amount you need. This can come in handy during a wedding or for your child's college expenses, where the amount you need today may be small compared to what you need to spend tomorrow. Using a Flexi Loan, you can keep your interest low. Moreover, you can choose to pay interest-only EMIs through the tenor and repay the principal whenever you have surplus funds in hand. This reduces your EMIs by up to 45%, helping you manage your cash flow better.
To apply for a Personal Loan, first check the Personal Loan eligibility criteria. Once you fulfill all requirements, submit an online application. Once you get the approval, submit minimal documents and the loan will be disbursed to you within 24 hours of approval.
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