Personal loans are a popular choice among consumers and have gained significant traction with the rise of instant personal loans. According to statistics, these collateral-free loans witnessed a growth of 20.4% during a one-year period starting from February 2017.
What makes an instant personal loan extremely well-loved is that it prevents you from depleting your savings, while allowing you to address financial emergencies and fulfil responsibilities. Whether you need assistance to finance a wedding, an overseas education or a medical complication, with this loan you can take care of just about any scenario.
Continue reading to know more about the features that make an instant personal loan highly advantageous.
You benefit from a simple, straightforward application process
Situations that demand quick financing tend to be stressful. For instance, tensions run high when you’re preparing for a wedding. Instant personal loan are a perfect fit for such needs, as the approval process is swift and more often than not, can be initiated online. To illustrate, to obtain rapid financing from the Personal Loan, all you need to do is meet the simple personal loan eligibility criteria and fill out an online application form to get approval within 5 minutes. Upon approval, the loan amount is disbursed to your account within 24 hours.
You gain access to a collateral-free, high-value loan amount
Instant personal loans come under the umbrella of personal loans and hence are collateral-free too. This feature removes barriers to gaining access to credit easily and quickly. Moreover, when you apply for an instant personal loan through a lender like Bajaj Finserv, you aren’t deprived of substantial financing. In fact, you can get a sizeable sum of up to Rs.25 lakh, which you can use for goals like paying for your child’s education abroad.
You can use the finances disbursed for any purpose you desire
The advantage of an instant personal loan is that you enjoy total spending freedom. Once the amount has been disbursed to your account you can use it to finance a bridal trousseau or to add an extra destination to your international vacation. Further, with Bajaj Finserv you can opt for the flexi loan facility to get access to funds on the go. Here, you withdraw just as much as you require from your approved sanction and pay interest only on the amount availed.
You can repay the loan easily over a tenor of your choice
Repayment may seem like a stressful task, but when it comes to an instant personal loan, there’s no need to worry. Apart from relaxed personal loan eligibility criteria and speedy disbursal, an instant personal loan offers flexible repayment terms. Before you apply, you can use the personal loan calculator to determine an ideal tenure for repayment, with the maximum being 60 months. Moreover, with the flexi loan facility, you can choose to pay interest-only instalments for an initial part of the tenor and lower your EMIs by up to 45%.
You have customised deals at your disposal
An instant personal loan is ideal for managing planned and unplanned needs alike, and to help you do so effortlessly, lenders like Bajaj Finserv offer you customised deals. Also known as a pre-approved offer, this allows you to get a loan in moments via a deal that has been tailored to your financial capabilities.
Now that you know the benefits of an instant personal loan, why delay? To make the access to this financial solution quicker, simply check your pre-approved offer from Bajaj Finserv usin your name and contact number and avail right away.