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13 August 2020

Know the Benefits of Availing a Personal Loan

Consumer advances like personal loans are one of the most convenient ways to fulfil any instant financial requirement, especially in case of an emergency. Due to this, a majority of individuals opt for personal loans to meet their diverse funding needs. In this regard, the likes of Bajaj Finserv personal loan features bring several benefits to make funding affordable and repayment convenient.

CIBIL’s stats suggest that there has been a 28% rise in personal loans as of 2019. Similarly, the origination volume in the personal loan segment grew at 134 per cent year-on-year. These trends clearly reflect the popularity of personal loans among people. Now, take a look at the benefits that make these advances a popular funding option.

The advantages of availing a personal loan

One of the best features of personal loans is that they are versatile borrowing options that come with no specific end-use. It means that you can avail this loan for any personal or professional expenditure. Also, the following are some personal loan features and benefits that you must know before availing one.

No collateral required - Since personal loans are unsecured advances, borrowers don’t need to provide any collateral to avail the advance. However, lenders assess the credit history and other documents of the borrowers minutely for loan approval. So, make sure to apply with the right eligibility.

Borrowing limits are high - Depending on the lender, the upper limit of borrowing varies. However, the likes of Bajaj Finserv personal loan features providing high loan value make them a suitable funding option to fulfil high-value financing needs. Moreover, borrowers with a credit score of 750 are considered eligible for the highest advance value due to their creditworthiness.

Easy repayment option - Personal loans come with fixed tenors, interest rates and monthly EMIs. It allows the individuals to plan their monthly expenses accordingly as they can initially assess how much they need to pay during the loan tenure. Also, borrowers can choose to either part-prepay or foreclose the loan account at any time before the tenor ends and save big.

Flexible loan tenor - Personal loans from select lenders are available with a flexible loan repayment tenor that makes this borrowing option more popular than any other advance. Like, the Bajaj Finserv personal loan features an extended tenor of up to 60 months for borrowers to choose from.

Unrestricted end-use – Individuals can avail a personal loan for variegated purposes as these advances do not come with any restriction to end-use. For example, individuals can opt for this loan in case of a medical emergency, travel needs, higher education, debt consolidation, wedding, etc. Borrowers thus don’t need to specify the end-use of the advance to the lender when applying.

Minimal documentation - Since personal loans do not require any collateral, the documents needed are minimal too, thus making advance processing less cumbersome. You can apply for the advance online with suitable eligibility, and receive approval at the earliest. Like, Bajaj Finserv personal loan features also include loan disbursal within 24 hours of approval.

The lender also provides pre-approved offers on various financial products, including personal loans and business loans. With this offer, they make the entire loan processing convenient and time-saving for borrowers. You can check your pre-approved loan offer by entering your name and contact number.

Often, individuals avail personal loans to finance their big-ticket expenses, for example, arranging a wedding, going on an expensive tour abroad, etc. Plus, applicable personal loan tax benefits make it even more appealing to borrowers. For instance, individuals opting for personal loans to renovate their self-occupied houses can avail tax benefits of up to Rs.2 lakh for interest payment in a fiscal year.

However, before opting for a loan, individuals must gain a clear idea of how to apply for a personal loan for instant approval online.

Along with that, borrowers also need to be aware of the mistakes to avoid while applying for a personal loan. For instance, borrowing more than the requirement can prove to be an extra burden over time and affect one’s credit profile. Keeping these factors in mind, availing a personal loan can prove to be an excellent funding option. 

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