It may happen at times when you require funds, you may not have that necessary money. A financial exigency can be any of the below –
- Debt consolidation
- Home renovation
- Gift something costly to your near ones
- Wedding
- Funding the kid’s studies
- To purchase a new machine or gadget
- Medical exigency
To face all such scenarios with ease, no matter whether you need Rs50,000 loanor 1 lakh or more, personal loans through Moneyview, KreditBee, LoanTap, CASHe, MoneyTap, Stashfin, etc. are looked upon as excellent choices to witness sudden expenditure.
Why personal loan is important?
The personal loan falls in the unsecured loan category. There are zero requirements to offer any security or collateral for availing the loan. No risk factor is included in the loan as compared to the risk parameters involved in other loan kinds, which need security or collateral. Unique personal loan features make it a good financing option –
-
Simple to avail –
Personal loans are offered mostly by all top NBFCs and banks. It is simple to get a loan as it comes with an affordable rate of interest. Now you can simply go with the choice of an online personal loan or a preapproved loan as it is usually sanctioned within just a few hours. You can get the benefit of a personal loan online application, which is totally stress-free and time-saving in nature.
-
Zero collateral or security required –
It is looked upon as a benefit for those who cannot provide any security or collateral against a loan. This credit option is perfect for all kinds of individuals who require small loan proceeds of as low as Rs 50,000 loan.
-
Personal loan serves as a multipurpose loan option –
A personal loan is looked upon as a multipurpose loan. You can apply for the loan to meet any type of personal requirements, i.e., for higher studies of children or refund your medical exigency, business, or family trip, etc. You can make use of the personal loan funds whenever you want and in the manner you want.
-
Minimal documentation –
Documents required for availing a personal loan are minimal. As already stated above, no security is needed at the time of placing an application for a personal loan. Owing to the minimal documentation needed, the time taken to place an application for a loan is minimal. Everything involving identity proofs and bank statements can be uploaded through the online platform to avail the loan approval.
-
Instant disbursal –
You can simply depend on a personal loan for meeting any type of financial exigency. Processing of personal loans is usually quick. The loan is processed within a few hours if all the details provided for availing loan is correct, accurate and uploaded in the right format and next if you have a strong score.
Also Check: 50,000 loan
-
Affordable rate of interest –
The best thing regarding personal loan is it comes with a suitable rate of interest. Many have this mindset that the rate of interest on personal loans is high than on other loans. However, a personal loan is just a loan, which has the feature of flexibility when it comes to usage. All such factor enhances the risk aspect of the financial institution, hence, to lower their risk the rate of interest levied on a personal loan is a little higher which may be fair from the lender’s side but is affordable by enhancing the tenure to repay the proceeds.
So, now you must keep all your worries aside and then go with the digital process option to apply for a personal loan. It would assist you to face all kinds of monetary crunches in a stress-free way. With a personal loan, all financial needs can be met i.e., a wedding, medical exigency, child’s education, travel, or other needs. The credit option is available quickly in just a few minutes with minimal documentation. Note that, you can repay the proceeds over some time either in months or years in just simple easy monthly instalments. To sum this up, a personal loan can assist in any instant financial need whether exigencies or otherwise.
There are various options available for personal loans, so how can you select a prudent personal loan option in India?
Let’s see what a personal loan can offer you –
-
Rate of interest –
The initial thing you must factor in while availing a personal loan is its rate of interest. The prudent personal loan options from your viewpoint are those with the lowest rate of interest. Your best bet may be to opt for a reputed financial institution. Within banks, there may be massive differences in the rate of interest offered to you on personal loans. So, it is a great choice for you to shop around and compare the distinct rate of interest by distinct financial institutions. You can do so very easily through the online mode. However, what you should note is that banks provide distinct interest rates to distinct customers based on parameters like your income stream reliability, credit score, employer, etc. The rate of interest is critical as even a minor percentage of difference will add up to your loan expense over some time.
-
Zero collateral –
Personal loans by nature are unsecured. You do not require putting up any security for your loan. It works for you in case you do not have or require pledging assets to get some loan proceeds. The alternate option can be a secured loan option where you put up assets or collateral as the rate of interest can be lowered. Additionally, you do not have to fret about poor scores. If that is not the case, a personal loan may be an ideal choice for you.
-
Minimal documentation –
The ideal personal loan is the one that you can avail with minimal fuss. For instance, when you are in a great hurry of availing some funds, the last thing you may want to do is submit plenty of documents and fill out a lot of paperwork. Well, all thanks to the internet network, you do not require doing this anymore and you can place an application for a credit option from the convenience and comfort of your house.
A prudent personal loan can be the one from your financial institution. They will contain all your financial and personal information and so you do not require bothering much regarding verification. And in present times where internet banking is growing, you can get this fund in your bank account in just a few seconds that moment you request loan proceeds.
