As one of the most popular loan products available in the market, personal loans are known for their wide use. In today’s world, where the need for financing is instantaneous, personal loans can help you manage your purchases big and small and help you reach your goals quickly.
Read on to find out how a personal loan can help you with all of your purchases large and small, and meet your financing needs.
What is a personal loan?
A personal loan is an unsecured loan that can be taken out by individuals from a registered bank or from a non-bank financial corporation (NBFC). The loan amount is finalized after taking into account several factors such as current income, work history, credit history and repayment capacity.
A Personal loan can be used for any personal financial need. For example, a personal loan can be used to finance wedding expenses, education expenses, the purchase of new household appliances, or to fund medical expenses. Personal loans can also come in handy when it comes to meeting auto repair, consumer finance, or home improvement expenses.
Benefits of taking out a personal loan
There are several advantages to taking out a personal loan and some of these advantages are listed below:
Unsecured loan: You don’t need collateral to take out a personal loan. It is an unsecured loan that is extended based on the income, repayment capacity and credit history of the consumer.
Varied use: A personal loan can be used for various purposes. It can be used to finance your small and large purchases, while offering a wide variety of end uses, depending on your financing needs.
Debt Consolidation: A personal loan can be used for debt consolidation and to make payments on credit cards, on which you might end up paying a higher interest rate. Moreover, keeping an eye on multiple loan repayments is a tedious task, which can be simplified by taking out a personal loan to consolidate debt.
Fast approval process: Compared to other loan categories, approval of a personal loan is faster. Fast approval helps you fund your financing needs, when you need them most.
High loan amounts: Personal loan amounts can go up to Rs. 30 lakh with flexible tenure which makes repayment easier for the consumer. With a higher personal loan amount, you can easily meet your needs large and small.
How to manage your financing needs with the Personal Loan
In an age when you need a quick flow of funds, personal loans are the go-to option that can help you meet your financing needs. Here’s how personal loans can help you manage your purchases large and small:
Low interest rate: The interest on a personal loan is lower than on a credit card. Therefore, it makes sense to go for a personal loan for your purchases, rather than swiping your credit card.
Repayment: The repayment of a personal loan is done through monthly IMEs over the repayment cycle. It helps to better manage finances.
Versatile financing: You can use personal loans for multiple purposes as there is no limitation on their end use.
Emergency: A personal loan is very useful in an emergency. You can meet your financial needs as no collateral is required and the approval process is quick and easy.
Way of life: The cost of gadgets and home appliances has been steadily increasing. A personal loan is useful when it comes to owning a household appliance or gadget for your family.
Poonawalla Fincorp offers personal loans up to Rs. 30 lakh with no foreclosure / prepayment charges. With personal loan interest rates starting at 9.99% per annum, you can easily take out a Poonawalla Fincorp personal loan. Get fast approvals with minimal documentation and pay your installments over a flexible term with this loan.