With the unprecedented situation, we find ourselves in, our financial liabilities may seem like a bigger worry than usual. And while your savings may help you manage smaller expenses, they may not be enough to cover larger spending that you may have to bear.
A personal loan is often pitched as a handy solution to manage larger expenses. But what exactly are personal loans? Are they as convenient as they seem? Read on to know what you can expect when you avail of a personal loan to manage your financial needs.
Money when you need it
You can avail of a personal loan either online – by visiting your lender’s website – or offline – by visiting a branch. Most banks and non-banking finance companies offer unsecured personal loans, which means you do not need to submit any collateral to get the loan.
Modern technology and advancements in underwriting practices mean you can get approval on your loan in just a few minutes, loan disbursal may vary from a few hours to a few days, depending on your profile and previous relationship with the lender.
This means a personal loan can be a source of financing for when you need money the most. And you can use the funds to meet most expenses – from medical care to emergency home repairs and more.
But what makes a personal loan a reliable option to meet your financial needs? Read on to know more:
- Easy-to-meet eligibility criteria: The eligibility parameters for personal loans are straight-forward. Leading lenders such as Bajaj Finserv offer personal loans if you are a salaried Indian citizen, aged between 23 and 55 years, and employed with a public/private company.
- Simple application process: Since no collateral is required to avail this loan, the application process is much shorter and simpler than a secured loan. You can apply online for Personal Loan from Bajaj Finserv– from the comfort of your home to get the money. Moreover, it takes only a few minutes to apply for a personal loan and get approval on it.
- High loan amount: The loan amount you can borrow usually depends on your financial profile and credit history. Bajaj Finserv offers personal loans up to Rs.25 lakh, which is a sizeable amount to fulfill your various financial needs.
- Added flexibility: With the Flexi facility on Bajaj Finserv Personal Loans, you can reduce your EMIs by up to 45%*. You can withdraw from your sanction any number of times and pay interest only on what has been utilized, instead of the entire sanction
- Convenient repayment plans: Depending on the lender you borrow from, you can choose to repay your personal loan over a flexible repayment tenor of up to 60 months. Lenders like Bajaj Finserv offer transparent terms and have no hidden charges.
An instant personal loan can help you
Personal loans bear very few spending restrictions and can be used in any way you deem fit. Whether it is to pay for complex surgery or an uncalled home renovation task, you can avail of quick financing with an instant personal loan.
Bajaj Finserv, one of the most diversified NBFCs in India, offers personal loans in just a few clicks. All you need to do is visit their website and check your pre-approved offer. If you meet their basic eligibility criteria, you can avail of the money you need in minutes and manage your planned and unplanned expenses.
You can also use online tools such as the personal loan eligibility calculator and the EMI calculator before availing of your personal loan to check the amount you are eligible for and planning the repayment in advance.
Further Read:-
How Flexi Personal Loans Can Fund Medical Emergencies
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