A personal loan is a collateral-free, multi-purpose loan that you can borrow instantly for your various financial needs. Availing personal loans have become a popular option in India over the last decade. Flexibility in the application process, lower interest rates, convenient payback options contribute to its popularity. Now you need not worry about getting an instant personal loan to fulfill all your monetary requirements as quick and easy personal loans are offered by NBFCs at competitive interest rates.
Types of Personal Loans
● Wedding Loan:
When planning your engagement, wedding celebrations, or honeymoon, a personal loan for weddings is a good source of monetary support. It will prevent your savings from draining out, which can be used later for emergent expenses.
● Home Renovation Loan:
Home renovations are neither easy nor cheap. When designing your dream home, a personal loan comes in handy. The loan funds can be used for maintenance, remodeling, refurbishing, and even painting.
● Travel Loan:
Everyone deserves a vacation once in a while because most of us have earned it, right? But spending your hard-earned savings on an exotic trip is not particularly wise. This makes personal loans for traveling highly in-demand these days.
● Second-hand Vehicle Loan:
We all know the struggle of traveling by metro, bus, or cab. So, it is understandable if you want to buy a vehicle to drive around the city at your convenience. A personal loan on an Aadhar card for used cars can help you with that too.
● Higher Education Loan:
Getting a higher education degree could be for career advancement, better knowledge, or simply because you want to. But why spend your savings or your parent’s savings on it? You can opt for a personal loan for higher education and repay with ease.
● Micro Personal Loan:
To this point, your wedding, honeymoon, and vacation are covered. But did you plan your first anniversary or your parent’s retirement gift, or your child’s first birthday? A micro-personal loan can be used for that as well.
● Medical Loan:
So far, we have covered the planned expenses, but unplanned expenses such as medical bills can also drastically drain your savings despite the health insurance. Therefore, it is always sensible to use a personal medical loan for unexpected expenses.
● Loan for Debt Consolidation:
Sometimes, you struggle to pay your EMI regularly or accumulate debt from uncontrolled credit card usage. Payment defaults of any kind will surely attract more monetary penalties as a consequence. Your best support is a personal loan to clear out your debts at such times.
● Loan for Business Funding Requirements:
Running your own business comes with its share of challenges. You have regular liabilities like paying your employees, managing overheads, managing bills, etc. Applying for a personal loan on an Aadhar card is the best way to tackle your financial obligations about your business.
Benefits, and Features of Personal Loans
Wondering how to get an instant personal loan that fits your needs? With the advent of digitization, personal loan applications have become quick, easy, and paperless. Financial institutions allow borrowers to apply for funds instantly using their web portals or mobile applications. Hard copy documentation is practically eliminated from the process. It is as simple as applying for a personal loan on an Aadhar card. Listed below are some more benefits and features of personal loans.
● Unsecured loans applied through an online application process, eliminating the requirement of submitting hard copies of documents.
● Quick approval of funds through a transparent process with no hidden charges.
● Money is transferred to your bank account within 24 hours, providing you with secure and easy access to funds.
● Competitive interest rates are offered along with convenient EMI / repayment options.
● Funds can be borrowed in the range of ₹5000 to ₹5,00,000, allowing you flexibility while lending.
● Simple eligibility criteria:
o Adults in the range of 21 to 60 years can avail of these loans
o Requirement of an active bank account in the borrower’s name
o A strong CIBIL score is preferred (750 +)
o Borrowers must be employed and must draw a monthly salary
o Employees must be employed with the company for a minimum of 1-2 years
● Minimal documentation to be submitted online during the application process:
o Identification and Address Proof – (PAN and Aadhar Card, Valid Driving License, Valid Passport, Voter ID, etc.)
o Proof of income, salary slips, and bank statements for the past three months
Improvements in technology and better banking policies have eased the application process of online personal loans. Indian citizens no longer need to worry about getting an instant personal loan anymore.