After the uncertainty that the entire world suffered in 2020, the personal loan has proved to be a lifesaver for many. Whether it was an emergency or a shortage of funds, personal loans have been a saviour.
In 2021, accessing personal loans has become easier, safer and much more convenient. A personal loan does not have any end-usage restrictions so the amount can fund a wedding, travel plans, medical needs, or any other requirement. You can also take a personal loan to create an emergency fund. With multiple benefits, a personal loan becomes the easiest available financial cushion for most borrowers in 2021.
Here are the top five reasons to apply for a personal loan:
- Time-sensitive: If you’re caught in an emergency, you wouldn’t want to spend time looking for sources of instant financial respite. It’s possible to apply for a personal loan online and get the approval within 24 hours. If your request is approved, the money is typically deposited into your bank account within a few hours. For example, salaried applicants can download the Fullerton India personal loan app from Fullerton India from the App Store (for Apple users) or Google Play Store (for Android users). It is a quick way to apply for an instant personal loan from Fullerton India. Applicants can apply for a personal loan anytime, anywhere. It is a completely digital process, with dynamic status tracking available. The app offers a hassle-free documentation process where the applicants only need to upload their necessary information and documents.
- Access anywhere: You don’t have to stand in long queues to avail a personal loan anymore. Submit an online application on the lender’s website or mobile application from the comfort of your home and let the process begin. You can track the status of your application too. Moreover, such apps and websites also provide online tools to check your balance amount, interest accrued and other details during your tenure.
- Digital documentation: The time of self-attested xerox copies is gone. Loan offers and its related documents are also sent to you by the lender through email. Since everything is digital and on the server of your mail account and the lender’s website, there is no scope of messing up your documents. You don’t even have to carry precious original documents anywhere. You can upload the documents required for a personal loan through a scanner in your phone, and have all the paperwork in your device as a backup.
- Easy eligibility: A personal loan does not require you to jump through hoops. Personal loan processing and disbursal are quick if you meet all the eligibility requirements. The lender verifies your residential stability as well as your employment stability to assess your liability. If you are self-employed, you will need to show proof of a steady income and regular tax returns. But the most crucial eligibility factor is your credit score. The credit bureau decides your credit score by analysing your credit history. If you have been making timely payments on your past loans as well as your credit cards, your credit score will be high. A high credit score makes you eligible for a high loan amount as well as a low-interest rate.
- No collateral: A personal loan is an unsecured loan, which means you do not have to pledge collateral to take the loan. You don’t need any assets or property to avail a personal loan. You only need to show a healthy credit profile and a sustainable repayment capacity to get your loan approved. You can apply online, upload your documents and get the personal loan approved according to your eligibility.
- Borrow the amount you need: Whether you need Rs. 50,000 or Rs 15 lakh, you can easily take a personal loan to fund your needs. For example, you can borrow up to Rs 25 lakh with Fullerton India personal loan. With no-end usage restrictions, you can spend the amount or keep it in your bank for future use.
Finding the best personal loan deal needs research and proper insight. A preferred scheme is when the personal loan interest rates are low, a high loan amount can be approved, and you get a comfortable tenure for repayment, which doesn’t put a strain on your monthly budget. You can look at your eligibility through Fullerton India’s personal loan eligibility calculator to begin your process.