5 Reasons why instant personal loans can be your best bet in times of a financial crunch

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When in times of financial distress, getting a personal loan is an easy way out owing to its quick availability and low-interest rates. Though having a proper financial plan in place is all that one desires, but the highly unpredictable nature of life can call for an urgent need of funds which one may not have at their disposal. At such times, a personal loan can be of great help by providing you quick access to an unsecured form of credit. To get a personal loan in India, you don’t have to offer any collateral or security as the loan amount is offered based on your eligibility criteria and credit score. Read this article to understand why getting an instant personal loan can be your best bet in times of a financial crunch.

What is a personal loan?

A personal loan is an unsecured form of credit that can be availed from banks, NBFCs or any other financial institutions in India. Since this type of loan does not need you to submit any collateral or security, lenders usually check on your credit score, income, employment status, and other factors when assessing your loan application. Having a high credit score is essential to get this type of loan as a low score can lead to loan rejection or approval at a high-interest rate. With digital advancement, many fintech companies, banks and NBFCs in India have started offering online services, thus making it easy for applicants to apply for a loan and get quick disbursals. With the high cost of living combined with quick disbursals offered by lenders in India, the demand for such loans has increased.

Reasons why an instant personal loan can be your best bet in times of a financial crunch

Debt consolidation: This is one of the primary reasons as to why people opt for personal loans. Debt traps are common and people usually tend to overspend due to which they take money from various sources. Getting a personal loan for debt consolidation is an ideal solution as the interest rate for this type of loan is less in comparison to interest charged by the banks on credit card outstanding. The interest rate for personal loans ranges from 10%-18% depending on your credit profile and the loan amount you opt for. Additionally, you can also use the loan amount to pay off the loan taken from friends and family.

Home renovation: The process involved in getting a home loan for home renovation is a cumbersome one. At such times, you can apply for a personal loan for home renovation purpose. You can utilize the instant personal loan amount to take care of any home renovation related expenses such as paying the interior designer, buying raw materials, buying furniture and others.

Funding wedding expenses: Getting a personal loan can help you finance your or your child’s wedding expenses. The loan amount can be utilized for handling various expenses like hiring a caterer, buying a wedding dress, booking honeymoon tickets and others.

Pay off medical bills: Personal loan amount can be utilized to take care of various medical expenses like payment of hospital bills, fertility treatments, dental or even cosmetology treatments. The lender does not restrict you towards using the personal loan amount for any specific treatment and additionally, you can also take care of various medical-related expenses like purchasing a hospital bed, wheelchair, medicine, paying medical bills and others.

Travel purpose: Be it a domestic trip or even an international one, you can use the personal loan amount for travel purposes for booking air tickets, train tickets, shopping, buying travel insurance and others.

Benefits of an instant personal loan

Minimum documentation: Instant personal loans can be availed online by providing minimum documents and without having to do any paperwork. All you have to submit is an address proof, identity proof and your income documents to get quick loan approval.

Attractive interest rates: Personal loan is offered at an interest rate starting from 10%-18%. Few lenders offer loans starting at EMI of Rs. 2500/lakh. The interest rate of personal loans is decided on the basis of your credit score, income, employment status, and other factors. The higher your credit score, the higher your chances of securing a low-interest rate loan.

Convenience: One of the biggest benefits of getting a personal loan is that the application process is very convenient that makes it easy for you to get a loan. You can apply for a personal loan through a lender’s website or mobile application. All you have to do is log in using your email address, submit your KYC details, upload documents and get your application processed.

Flexible repayment options: Personal loan amount can be taken for 6 months-60 months, thus making it easy for you to repay the loan in easy EMIs. Depending on your monthly income, you can opt for an EMI amount that you can repay.

Conclusion

Applying for an instant personal loan is thus convenient and simple and can be used to take care of various financial needs. Visit https://upwards.in/personal-loanapply for an instant personal loan.

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