Exploring the upsides of opting for online personal loan
An online personal loan is hassle-free, is available with minimal documentation and can help you meet your unexpected financial expenses with ease.
With rising daily expenses, we often tend to put our larger desire on the backburner. For instance, you may have postponed your plans to pursue a degree from an international university or wanted to revamp your home décor, but due to financial limitations, you had to put these kinds of large expenses on hold. In such situations, personal loans can prove to be highly beneficial. In India, various non-banking financial companies (NBFCs) offer online personal loans at low interest rates, requiring minimal documentation. Bajaj Finance Limited stands out as one of these NBFCs, providing personal loans with minimal documentation and swift approval.
Here are the benefits of taking out a personal loan:
- Minimal documentation
A notable benefit of personal loans is the minimal documentation that they require. In the case of online applications, all supporting personal loan documentation is digitised. Financial institutions typically seek verification of details such as age, address, salary slips, income tax returns, credit history and so on during the application process.
- Quick disbursal process
Personal loans stand out for their rapid processing and approval, making them a preferred choice for those in urgent need of funds. Bajaj Finance Personal Loans, for instance, are disbursed within 24 hours* of approval, offering a swift solution for addressing unplanned financial requirements without breaking a sweat.
- No collateral needed
In contrast to secured loans, personal loans do not require any assets as collateral. This makes personal loans more accessible to those hesitant to pledge their assets. Additionally, the absence of collateral removes the need for time-consuming asset verification or valuation, making the personal loan verification process quicker and more convenient.
- High loan amount
Applying for a personal loan comes with a key advantage — the availability of a significant loan amount. Depending on the lender and the borrower's creditworthiness, personal loans offer access to substantial funds, making them particularly attractive for individuals requiring a financial boost. For instance, you can borrow up to Rs. 40 lakh with a Bajaj Finance Personal Loan.
- Flexible repayment tenures
Personal loans commonly feature flexible repayment terms, simplifying the debt repayment process for borrowers. The flexible repayment choices offered by Bajaj Finance Personal Loans make them an appealing option. Borrowers can select loan durations spanning from 6 to 96 months, providing an ideal option for individuals seeking greater freedom in structuring their repayment plans.
A Bajaj Finance Personal Loan is a dependable and secure way to meet your financial needs. You can also use the online personal loan EMI calculator, which requires only some basic input such as loan amount, tenure, and personal loan interest rate, to calculate your monthly instalments. You may customise the monthly payment and loan term to fit your needs, and the personal loan calculator gives a thorough breakdown of the principal and interest amounts. Visit the Bajaj Finserv website to apply for a personal loan today.
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