6 reasons why a personal loan is ideal when you need money urgently

Here are all the benefits of availing of a personal loan to meet your immediate financial requirements.
6 reasons why a personal loan is ideal when you need money urgently
5 min read
21 Mar 2023

An individual can get a personal loan through any NBFC or bank. A personal loan, unlike other loans, is unsecured, which means it does not require any collateral. They can be used for a variety of purposes, including covering expenses of a grand wedding, paying for emergency medical care, and improving the interior of your home.

Let us discuss the many advantages of personal loans that make them the best choice for you when you need money urgently.

● Fast disbursal of funds

Applying for a personal loan is one of the ideal options if you require money immediately. You might get your money faster with a personal loan than with other mode of credit options because of the rapid disbursal process. With Bajaj Finserv Personal Loan, funds can be disbursed within 24 hours* of approval.

● Hassle-free documentation

If you apply for a personal loan online, all your documentation is simply required in digital form. Online applications only demand a minimal amount of paperwork, so uploading the documents is very simple. In some cases, financial institutions even offer document collection at the customer's doorstep.

The applicant must provide evidence of their age, place of residence, income, credit history, bank account details and more while applying for a personal loan.

● No end-use restriction

One of the best features of a personal loan is that you can use the money for any of your financial needs. A personal loan can assist you in reaching your financial objectives, whether you need to pay for a medical emergency, house remodeling, or higher education. Personal loans offer total flexibility, in contrast to other loans where the lender may impose restrictions on how the money shall be used.

● Convenient tenures

Flexible tenures are one of the many perks of personal loans. With Bajaj Finserv Personal Loan, you can choose a loan tenure of up to 96 months based on your budget, overall spending, and ability to repay the loan. If you have a savings and you wish to return the loan quickly, you can choose a shorter tenure. And if you want to keep your monthly instalments low, you may choose a longer tenure instead.

● Collateral is not required

Personal loans do not ask you to put up any asset as collateral. Therefore, this feature makes personal loans available to everyone with a stable job and a good credit history. Since these loans are fully unsecured, they do not have a lengthy process of asset valuation during application.

● No hidden charges

Bajaj Finance gives you a thorough explanation of all the fees related to the loan when you apply for a personal loan. Processing fees, prepayment fees, and other penalties fall under this category. Personal loans do not have any hidden fees, in contrast to other loans. This implies that there will not be any surprises during the repayment process because you know exactly how much you need to pay back.

Bajaj Finserv Personal Loans offer up to Rs. 40 lakh with minimal documentation and quick disbursal of funds. You also get convenient tenures that range between 6 months to 96 months. Bajaj Finance also offers three unique variants of personal loan- Flexi Term loan, Flexi Hybrid Loan and Term Loan. You can choose any that suits you best.

Click here to apply for a personal loan today.


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