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Here’s Why Personal Loans Are Emerging as The Preferred Means of Financing

  • Highlights

  • Get a substantial loan amount

  • No collateral or guarantor required

  • Quick application and disbursal of funds

  • Flexible tenor for easier repayment

Personal loans are quickly becoming the go-to means of financing for both salaried and self-employed individuals. One of the major reasons for their growing popularity is the ease of access. These loans are unsecured, have a convenient online application process and a quick approval and disbursal process.

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Until recently, it was common to borrow from friends and family when in need of extra money. However, times have changed with millennials securing well-paying jobs and having an affluent lifestyle. They no longer prefer such means of financing and with their increased financial knowledge and capacity to repay, opt for personal loans instead.

In addition to the changes in consumer behaviour, here’s why personal loans are looked favourably upon:

No collateral

One of the most attractive features of personal loans is that they are unsecured loans, requiring no collateral. The need for collateral is usually one of the biggest prohibiting factors when seeking other types of loans.

A good credit score helps you secure a large loan amount. Bajaj Finserv Personal Loan gives you funds up to Rs.25 lakh.

Hassle-free application

You can apply for a personal loan online from the comforts of your home. All you need to do is to fill up an application form and upload the required documents. Once you hit the submit button, the application is accessible to your lender who then gauges your personal loan eligibility based on the information given and documents uploaded.

Quick approval and disbursal

If everything is in order, the loan is approved within minutes and money is disbursed into your account within hours. For instance, when you apply for Bajaj Finserv Personal Loan, your online application is approved in under 5 minutes, with money disbursed in your bank account in just 24 hours.

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Flexible tenor

Personal loans come with a flexible tenor that facilitates easy repayment. For example, the tenor for Bajaj Finserv Personal Loan ranges from 12-60 months, that helps you repay the loan conveniently.

Freedom of usage

One of the most striking features of a personal loan is that there is no restriction on what you use the money for. The lender usually doesn’t ask too many questions about the purpose of the loan.

You are free to use the money for whichever need, dream or goal you want to meet. Whether it’s to fund your world tour, finance a wedding, renovate your home or meet medical emergencies, a personal loan is your all-weather friend.

With pre-approved offer from Bajaj Finserv on personal loans, availing finance is a hassle-free affair. Pre-approved offers ease the loan-application process. Share a few basic details to avail your pre-approved offer.

The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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