Good Reasons To Get Personal Loan In India
You may often need money when you are least ready for it. In times of financial trouble, personal loans can be a lifesaver. They are available immediately and fall under unsecured loans, meaning they do not require collateral and can be repaid quickly. In the past, borrowing money required a visit to the borrower, but now everything can be done online. Personal loans cover all the financial needs of a person. You may decide to look for a loan due to several factors. Taking a personal loan in India is simple for every need.
8 Reasons for getting a Personal Loan in India
Even though there are many uses for personal loans, some reasons are popular and almost universal. Let’s talk about some of the most common reasons to get a personal loan in India.
1. Easy application and approval
In the past, Indian lenders and banks took too long to approve personal loans. One had to fill out a lot of paperwork and wait for days, and even then, there was no guarantee that the instant loan application would be accepted or that the funds would be distributed in India on time. However, today’s online lenders make it possible to apply for a personal loan in India and get it in just a few hours. You can quickly apply for a loan online by immediately visiting the website and uploading your documents in minutes.
In addition, the loan amount is deposited into your account once your application is approved. The entire process is done online, from applying for a loan to getting the money. This way, you can apply for a loan and get your money without having to talk to your lender. You will also be able to meet your urgent requirements quickly with fast loan disbursal.
2. Debt Consolidation
Many people get into debt because there are many ways to get loans. Since personal loan in India has a lower interest rate than many other loans, they can help you consolidate all your debts and improve your credit history.
As a result, you can use this financial solution to pay off all your high-interest-rate loans. Debt consolidation is one of the main reasons why personal loans in India are so popular. For tracking and paying off multiple loans, many borrowers prefer to take personal loans in India to pay off credit card debt and foreclose on other loans. As a result, debt consolidation using personal loans can be very beneficial.
3. No usage restrictions
The primary advantage of personal loans is that you can use them for any purpose. On the other hand, home and car loans can only be used for a specific purpose. In this way, they are not similar to a home loan, which you must use to purchase real estate, and a vehicle loan, which you must use to buy a vehicle. You can use individual credit to meet any financial need.
You can use a personal loan in India to pay for things like vacation expenses, house renovations, new furniture and appliances, wedding expenses, unexpected health care expenses, education expenses, buying a used car, etc.
4. No Collateral
One of the main reasons why personal loan in India is becoming more popular in this country is that you can obtain them without any collateral. Since individual loans are unstable advances, you do not have to give any security, guarantee, or insurers to get a loan confirmation. When approving a personal loan in India, the only factor considered is your ability to repay the loan within the stipulated time.
5. Flexible terms
The typical repayment period for an instant loan is between 12 and 60 months. You can choose the maturity period that suits you best. However, remember that a personal loan in India comes with extended repayment periods and has significantly higher interest rates than loans with shorter repayment periods.
Features like low EMIs and flexible repayment terms make loan repayments simple. Your credit score will also increase if you take an instant loan and make your EMI payments on time. Remember that while the loan has a longer tenure, the EMIs are lower, but the total interest paid is higher. As a result, you can be flexible and choose repayment strategies that suit your preferences and financial situation.
6. Personal loan for weddings
In every Indian household, a wedding is one of the most significant occasions. You want to complete every step, whether it’s your or your children’s wedding. Taking out a personal loan in India will get you everything you want, but suddenly your savings will run out. Several financial institutions offer attractive terms and interest rates for wedding-related personal loans.
7. Higher education expenses
Whereas you can cover school fees with an education loan, You still need a lot of money for related expenses. Some basic costs associated with higher education include travel, insurance premiums, book costs, and housing deposits. One can pay these costs and realize your dream of studying at a good school by getting a personal loan.
Traditional education loans come with some conditions and restrictions. For example, some loans can only be used if you get into a particular type of college. In addition, they have strict repayment requirements, and it takes years for students to become debt free. In such cases, a personal loan in India is generally a better option as there are no essential elements for drawing such an advance.
Conclusion
It does not matter for what reason you are taking a personal loan in India; what matters is that you pay your debts on time and have a good credit history. A personal loan in India can help prepare for any financial needs and to deal with life’s uncertainties.
If you are looking for an Indian financial services company offering personal loans, you should go for Piramal Finance, as it offers customizable personal loans with longer tenure and reasonable interest rates. Moreover, the costs and fees are not too high, and there is no collateral or security requirement. With Piramal Finance, you can choose the EMI amount that suits you best and free yourself from the burden of high repayment costs.