What makes a personal loan ideal for young professionals?

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What makes a personal loan ideal for young professionals?

  • Highlights

  • Personal loan is an easy mode of finance for young professionals

  • It gives a high loan amount for all your needs

  • Flexi loan facility makes the loan more affordable

  • These loans are collateral-free for easier processing

A personal loan is one of the most prudent financing options for young professionals looking to address their personal needs such as going on a vacation, undertaking home renovation, buying a household item, etc. Here’s what makes this loan ideal for young professionals.

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An Easy Mode of Finance

A personal loan is one of the easiest modes of finance for young professionals. Young professionals, who are tech-savvy, can instantly apply personal loan online. They just need to fill in an application form with the required details. If everything is in order, lenders approve the loan within minutes. In the digital age, one doesn’t have to physically visit the office of the prospective lender.

Wide Lending Options

The emergence of non-banking finance companies (NBFCs) has changed the lending landscape. While earlier banks were the primary lenders for such loans, today NBFCs are also offering these loans. These alternate sources of lenders have somewhat relaxed lending norms as compared to banks. Hence, young professionals, who have just started their career, and don’t have a strong credit score can procure this loan from an NBFC.

Flexi Loan Facility

New-age personal loans come offers flexi loan facility, where young professionals get an approved loan limit. They can withdraw funds from this limit as and when required. Hence, there is no need to make multiple applications for funds. With the provision of interest being charged only on the amount utilised, the same brings down monthly EMIs. With the provision of interest being charged only on the amount utilised, the same brings down monthly EMIs. To estimate your monthly EMIs, you can use Personal Loan Calculator. This results in significant savings for young professionals who have just started their career.

Personal Loan for Debt Consolidation

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A High Loan Amount

Today, young professionals can procure personal loans of a significantly high amount. Though the amount varies across lenders, it can go as high as Rs. 25 lakh. With this amount, one can address his/her diverse needs – family vacation, child’s education expense, purchasing a home appliance, etc., - at one go without the need to make several applications.

Additional Read: How To Find The Right Personal Loan For You

Collateral Free Loans

Personal loans are collateral-free. It means young professionals don’t have to pledge their personal assets on the line for these loans. This is highly convenient as most of them are in the early years of career when income levels are low and don’t have a robust collateral to pledge.

Quick disbursal coupled with flexible tenors make this quick personal loan ideal for young professionals. Not only they get quick access to funds but also chalk out an easy repayment strategy keeping other goals on track.

DISCLAIMER:
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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