Unexpected expenses or rising costs due to high inflation can result in a cash crush. While you can rely on your emergency corpus, getting a personal loan can be a better option. A personal loan helps keep your savings intact while enabling you to fulfil your needs easily.
Thanks to fintech innovations, many lenders now offer personal loans online, which can be beneficial during emergencies. Several other benefits also make personal loans a smart and reliable option.
Read on to learn how a personal loan can help you overcome financial strain.
Get Funds Without Risking Your Assets
In times of a financial crunch, opting for a secured loan can be stressful as you pledge your assets as collateral, and the lender can liquidate them in case of default. Therefore, an unsecured loan, like a personal loan, can be a better option.
Moreover, getting approval of such loans can be quicker as lenders do not have to carry out the lengthy asset verification and valuation process.
Enjoy Quick Approval and Disbursement
In case of urgent financial requirements, you would likely want a financing solution that is quick and easy. This is where you can take advantage of online personal loan offers. Most lenders allow you to check your eligibility and apply online in just a few minutes.
With an online process, you can fill in the application form and upload the required documents from anywhere. Once done, the lender will process your application. Generally, online lenders grant approval and transfer the funds in a few hours.
Since you need not visit any lender branch or submit any physical documents, online personal loans become a time-saving option.
Repay Comfortably Over a Suitable Tenure
In any loan, your repayment period significantly impacts your EMI amount. When faced with a financial crunch, choosing a solution that gives you the flexibility to select a tenure as per your requirements is crucial.
Personal loans can be a great option as most lenders offer a tenure going up to around six years. This gives you the freedom to choose a tenure that results in manageable EMIs and a stress-free experience.
You can use an EMI calculator available online on the website of a lender or a financial marketplace and choose a plan that suits your budget. However, remember that the final terms may vary based on your credit profile and lender. So, be sure to do a thorough comparison.
Borrow Affordably With Attractive Interest Rates
To offer financing options, lenders charge an interest on the amount you borrow. This interest is added to your principal, and you pay it when repaying the loan amount. Since the interest is your cost of borrowing, choosing a low-cost option is crucial in getting through a cash crunch without jeopardising your future finances.
This is where personal loans come into play, as they generally have competitive interest rates that help you meet your requirements affordably. While the rates depend on several factors, including the lender you choose, they start at 9.99% p.a. So, you can get the funds you need while keeping your costs manageable.
Use Sizeable Funding With no Restrictions
One of the highlights of a personal loan is that you can get collateral-free funding of up to ₹50 Lakhs with no end-use restrictions. This means that once you receive the funds, you can use the amount for any purpose. The freedom to use the funds without any restrictions becomes all the more beneficial during a cash crunch.
You can use the loan amount to pay the EMIs of your other loans, cover medical expenses, pay your utility bills, and more. As such, you can meet all your requirements with just one solution.
Meet Simple Eligibility Criteria
Lenders have some eligibility criteria to ensure that they lend to low-risk borrowers. Personal loans generally have simple requirements to be more inclusive to all. To put that into perspective, here are the basic criteria that lenders have for a personal loan:
- All Indian citizens can apply
- Applicant must be above 21 years
- All salaried or self-employed individuals with a minimum of 2 to 3 years of experience can apply
- Applicant must have a minimum income of ₹15,000 per month
- Applicants must have a minimum CIBIL score of 600 or above
Simple eligibility criteria make accessing the funds easier and quicker, making personal loans ideal during emergencies. However, remember that while most lenders have these general eligibility criteria, they may change as per the lender’s policy. Despite this, the requirements are generally simple and also available on the lender’s website.
Armed with this knowledge, you can easily get a personal loan and meet any needs without any hassles. However, be sure to check your eligibility with the lender and compare the interest rates before applying to secure the best deal.
On the Bajaj Markets App, you can choose from top lenders offering affordable personal loans. You can easily compare multiple options and enjoy a simplified and quick application process. Download the App from Google Play or the App Store and get started.
