When it comes to needing a large amount of money, an instant personal loan is one of the best options. Be it the medical emergency or debt consolidation or business expansion; you can use the loan amount for all needs.
Yes, if you have the required eligibility, then the advantages of personal loans can work for you in many ways.
On that note, let’s check out some key advantages of personal loans in today’s post!
What are the benefits of applying for an instant personal loan?
1. Large loan amount made possible
You may be applying for a personal loan to avail a large amount. Hence, when you do that with a reputed lender in India, then you don’t need to apply for another loan. It is because most of the lenders come with a large disbursement amount. You can get as high as up to Rs.25 lakh depending on your eligibility and lender’s policies.
2. Instant loan approval
When you apply for a personal loan online, then the time taken to process and approve your application is short. Most of the lenders process your application on the go and may sanction your requests within minutes.
3. Money in your bank account within 24 hours
Once you have the loan approval, then you can get the loan amount credited in your bank account within 24 hours. It means that you can start accessing the funds quickly and cover your needs fast.
4. Easy to meet eligibility and documents
Among other amazing advantages of personal loans, the eligibility criteria and documents are easy to meet and furnish. Take a look:
- You need to be a resident citizen of India.
- Your age should be under 23-55 years.
- Your need to be employed with an MNC, Public or a Private Limited organization
- KYC Documents
- Employee ID Card
- Last 2 months’ Salary Slips
- Previous 3 months’ statement of the Salaried account
You can also use the personal loan eligibility calculator available free on a lender’s website. This way, you can check out an amount that you will be able to get approved for in advance.
5. No collateral needed
A personal loan is an unsecured facility. It means that you don’t need to provide any collateral to get the loan approval. The loan is approved on the basis of your creditworthiness. Thus, if you have a good cibil score, then you can get the loan approval without issues. Other than your credit score, which should be 750+, you should also aim to have a stable income and employment record. This way, your loan approval chances improve drastically.
6. Flexible repayment tenor
Applying for a personal loan does not mean repaying the loan amount instantly and hurting outlays. It is because one of the key advantages of personal loans is the flexible repayment tenor. Yes, you have the freedom to opt for a repayment tenor of up to 60 months. It means that you can pay small EMIs and manage other expenses in the month without issues. You can also lap up the benefits of loan prepayment and reduce the EMIs and rate of interest. You can do that by making prepayments other than EMIs in a year. Many borrowers do that to reduce the costs of their ongoing loans.
7. No terms and conditions on how you use the loan amount
As the name suggests, you can use the personal loan money that you avail for any purposes under the sun. Yes, unless you are using it for any illegal activities like gambling and more, you are a free bird in using the loan amount. This aspect of a personal loan makes it one of the most sought-after financial options in India and across.
You just went through the advantages of personal loans that you can avail if you apply for it. If you are ready to cover your needs with a personal loan, then you can save your time and efforts by applying online.