The pandemic has disrupted life in different ways, and for most people, it’s their finances that are taking the biggest hit. In the event of a cash shortage, it is natural to dip into your savings or investments, but this is not always possible. This is where a personal loan from a trusted lender can come in handy.
Before understanding how personal loans can be a useful solution to manage your finances, let us first understand what personal loans are and how they work.
Personal loans – A practical solution?
Most lenders – banks and non-bank financial companies (NBFCs) – offer personal loans as an unsecured loan offer. This means you don’t have to post collateral on the money you are looking to borrow. It is this feature that makes personal loans quite popular today. Unlike other forms of secured financing, getting a personal loan is quick and easy.
With a relatively short turnaround time from application to disbursement, you can get the funds you need to meet a variety of planned and unforeseen expenses, especially if you need cash to handle an emergency. The paperwork involved is straightforward and there is very little chance of processing delays.
Plus, you may even be able to get an instant personal loan – where the money you need is approved in minutes and paid to you in record time. Let’s take a look at some great personal loan features you might benefit from:
1. Personal loans are processed without collateral
As we mentioned earlier, instant personal loans do not require you to pledge any assets to the lender, as security for the loan. This reduces paperwork for the loan, as well as the time it takes to approve your application.
2. Personal loans are generally paperless
Thanks to advances in technology, it is now possible to obtain a personal loan without the need for physical documents. Electronic copies of your documents can be submitted online and if you are an existing customer of a reputable lender like Bajaj Finserv, you may not even need to do this. You can simply check your pre-approved offer in minutes and get the money you need in just a few simple steps.
3.These loans are disbursed quickly, hassle-free
After approval, Bajaj Finserv personal loan allows you to enjoy quick disbursement. While personal loan amounts are transferred to new customers within 24 hours, those who qualify for pre-approved offers can have funds in their bank account in as little as 20 minutes*. All this from the comfort of your home or office!
4. Personal loans come with convenient repayment terms
Getting funds instantly in an emergency is one thing, but instant personal loans also have an added benefit of convenience when it comes to loan repayment. Bajaj Finserv, for example, offers repayment terms of up to 60 months, as well as unique features such as the Flexi Hybrid facility that can help you reduce your EMIs by up to 45%*.
This is made possible by giving you the option of paying only the interest amount in the form of EMI for the initial term of the loan. Interest is only charged on the amount of the loan you are actively using, not the full penalty, further reducing your expenses. You can withdraw funds from your total penalty whenever you need more money and pay a portion when you can.
Additionally, you can calculate the personal loan EMI by using an online personal loan calculator to assess your monthly expenses before applying for the loan. With this tool, you can plan the best term and most affordable EMI for your desired loan amount, and budget for repayment well in advance.
When it comes to an emergency, or even a planned expense, a personal loan can be more than a convenient source of funding. You can get the money you need without liquidating your savings by simply filling out an online form.
But choosing the right lender is of paramount importance to ensure good terms on your personal loan and a hassle-free borrowing experience. Bajaj Finserv, one of the most diversified Non-Banking Financial Companies (NBFC) in the country, offers instant personal loans with a host of attractive features that can make the loan process simple and hassle-free.
Borrow up to Rs. 25 lakh and repay the loan amount over convenient terms of up to 60 months. Additionally, eligible customers can take advantage of the 100% digital process and obtain the loan without having to visit a branch or even leave their home.
So what are you waiting for? Check your pre-approved personal loan offer today to get your instant personal loan in minutes.