Whether you want to surprise your spouse with a week-long vacation to Thailand or want to make a down payment for your car, when it comes to borrowing finance to achieve your goals, a personal loan is a resource that you can always count on. This is because lenders have simplified the eligibility terms, making it easy for you to qualify for one. In fact, you can even get a personal loan online.
One of the main reasons for its wide-spread use is the freedom to use you enjoy with the sanction. You can use a personal loan as a wedding loan, travel loan, education loan and to consolidate your debt. As the end use of the sanction is entirely up to you, a personal loan is the ideal go-to solution for when your savings aren’t enough.
To understand why this loan is such a handy tool to manage your requirements, read on.
1. Achieve any goal with a sizeable sanction
A major reason for the popularity of this offering is that it gives you access to a sizeable amount of money that you can use to meet any goal. For instance, Bajaj Finserv offers a Personal Loan of up to Rs.25 lakh. You can use this large sanction as a wedding loan and take care of venue, catering, travel, jewellery and other wedding costs with ease. Alternatively, you can use it as a home renovation loan to manage the expenses of redecorating your home.
2. Apply without worrying about collateral
Pledging collateral can be a roadblock if you don’t have a significant asset or you simply don’t wish to put one at risk. Fortunately, collateral isn’t required to avail personal loan. With a credit score of 750 or more and a steady monthly income, you can apply for a personal loan and expect quick approval. This greatly reduces any stress that you may anticipate, especially if you need finance urgently.
3. Get a loan quickly with easy eligibility and documentation
A key element of any loan is eligibility criteria, as it dictates if you qualify for the loan. If you meet the lender’s eligibility criteria, chances are that you’ll have a smooth journey to borrow the money you need.
For example, the eligibility terms to qualify for a Bajaj Finserv Personal Loan are as follows.
- You must be between 23 and 55 years of age
- You must be a salaried individual, employed with a private or public-sector company
- You must be a resident citizen of India
Moreover, to prove your eligibility you only need to submit basic documents such as KYC documents, salary slips, bank account statements and your employee ID card.
4. Repay the loan with ease over a flexible tenor
Typically, personal loans come with a 5-year repayment tenor and you can choose a tenor that suits your convenience. Remember to strike a balance between affordable EMIs and low total interest outgo. While a short tenor reduces your interest due, a long tenor ensures that your EMIs are pocket-friendly.
5. Get instant financing with speedy approval and disbursal
Technology has enabled lenders to offer personal loans online and disburse loans in a short amount of time. You can apply from the comfort of your home, without compromising on quick access to funds. A good example of this is the Bajaj Finserv Personal Loan, where you can apply online, get approval in mere minutes and receive the entire sanction in your account within 24 hours.
If you are looking to avail a personal loan, opt for a top-tier name that offers you a combination of all the above factors. Bajaj Finserv, one of the most diversified non-banks in the country, offers easy personal loans at attractive interest rates.
Furthermore, with the Bajaj Finserv Personal Loan you can also avail of the Flexi Loan Facility that offers features such as multiple part payments and withdrawals, lower EMIs during the initial part of your tenure, and more.
Apply for Bajaj Finserv’s Personal Loan online by checking your pre-approved offer. Get quick disbursal, within as little as 24 hours, and a hassle-free process on loans up to Rs.25 lakh.