In the last fiscal 2018-19, the amount of personal loans availed by individuals increased by almost 20%. Since it is an unsecured loan, the preference for such advances is evident from the rise in figures of the number of consumers, from 26.9 Crore to 28.3 Crore in just a single financial year.
A convenient loan option such as the Bajaj Finserv Personal Loan is one which you can avail without mortgaging your property or house. Irrespective of whether you are salaried or self-employed, personal loans are supposed to be the most convenient and reliable source of finance that can aid in covering your financial obligations.
Why should you avail a personal loan?
Besides being unsecured in nature, a personal loan can help you deal with liquidity crisis during emergencies or even cover your long-term expenses. Reasons why you should consider a personal loan for your financial requirements include –
- Instant approval
You can avail an instant personal loan soon after you have made the application for the same. Additionally, the disbursal of the loan amount is made within the next 24 hours. Therefore, it acts an instant source of financing during emergencies.
- Minimum documentation
You can do away with a huge amount of documentation when you apply for a personal loan. It requires only a couple of essential details to get a loan application approved from reputed lenders.
- Competitive interest rate
Personal loan benefits also include competitive interest rates to ease your repayment expenses. You need to select an appropriate lender who offers affordable interest rates for repayment, provided you have met their eligibility criteria.
- Flexible tenor
You can opt for a longer tenor of up to 60 months with a Bajaj Finserv Personal Loan for easier repayment options. Longer tenors mean that the amount to be paid in EMIs will be reduced and you can repay easily without straining your pockets. Additionally, making regular payments will also help in increasing your credit score remarkably.
- Reduced EMI
Bajaj Finserv offers flexi personal loans, which can help you reduce the EMI amounts by almost 45%. With this feature, you can withdraw and utilise funds from a pre-sanctioned loan amount as and when you need. You can repay in easy interest-only EMIs for the initial part of the tenor. Consequently, you should know how to choose the right personal loan lender so that you can enjoy such benefits at ease.
- Collateral free
You do not need to provide collateral to avail this loan, which means you do not need to worry about keeping your property mortgaged. Moreover, there is no end-use restrictions, thereby easing its scope of utilisation.
Bajaj Finserv Personal Loan is an attractive financing option that is instantly disbursed post verification of the required documents. It is a reputed financial organization that offers personal loans at affordable interest rates and faster approval features.
They also provide pre-approved offers to simplify the loan application process. These pre-approved offers are also available on several other financial products including business loans, home loans, loans against property, etc. You can check your pre-approved offer by submitting a couple of details which include your name and phone number.
Hence, such unsecured loans are an effective way to meet your financial responsibilities in the minimum possible time. Although, it is important that you have a comprehensive understanding of both its features and benefits as offered by a lender.
Simultaneously you should also check your financial status and credibility so as to select the right tenor for repayment. All of these points will help you in making the most out of the benefits offered by personal loans.