A personal loan is our versatile financial savior in times of need. Be it to pay off a hefty credit card bill, meet a medical emergency, carry out a series of repairs for your home, or replace your damaged smartphone – you can put a personal loan to any use. Thanks to paperless processes that most lenders follow, an online personal loan is now your best bet to meet unplanned expenses.
People choose instant personal loans to meet immediate cash needs because these loans have several advantages. Take a look:
Easy to apply
A personal loan application is one of the easiest of all loan products. All leading banks and financial institutions provide loan application facilities on their online platforms. The applicant can find the convenient EMI using a personal loan EMI calculator, fill the online application form, furnish the soft copies of documents and wait for the loan application to be processed.
AIf you need funds to meet sudden and unexpected expenses, applying for a personal loan is one of the obvious choices. fter checking the repayment capacity, credit score, income level, and performing other authentication procedures, the lender processes a personal loan application. The paperwork is limited in the absence of collaterals, making online personal loan processing a faster process. If you have pre-approved loans cleared by your lender, you can get your loan disbursed in minutes.
No collaterals required
Being an unsecured loan, you don’t have to provide any asset as collateral security. This leads to a simpler loan processing exercise. Besides, you don’t have to spend your precious time arranging for collateral at a time when you need the fund urgently.
Flexible loan products
You cannot plan for your loan well enough when you need it for unplanned expenses. There is always a risk that you might have to settle for costlier fund options. Luckily, personal loans offer flexibility in borrowing. You can quickly check the personal loan interest rates provided by different lenders, compare the different loan tenures offered by the selected lender and zero in on a suitable EMI. You even get Flexi-EMI options, where you can start at a lower EMI and increase it as your income increases.
The personal loan market is a competitive space where lenders vie for the market space with attractive personal loan interest rates. Besides, the RBI interest rate has fallen significantly ever since the pandemic started, thus ensuring that personal loan EMI becomes more and more affordable.
To sum up
Even if you need to meet your unplanned expenses quickly, take the time out to check a personal loan EMI calculator and find the loan tenure and EMI that are ideal for your budget if you need a higher loan, rope in a co-applicant to increase your personal loan eligibility. These steps ensure that a personal loan sufficiently meets your urgent cash needs.