What are the various benefits of a personal loan?

2 min read

Personal loans are the go-to financing options to meet your goals, make big-ticket purchases or tide over a cash crunch during emergencies. There are several personal loan benefits that make it an ideal choice for borrowers.

The benefits of personal loans include the following:

1. Financing up to Rs. 25 lakh
Personal loans can provide financing up to Rs. 25 lakh. These funds can be utilised for various purposes, such as renovating a property, financing higher education, purchasing a vehicle, or covering medical expenses.

2. Flexible tenors
One of the personal loan benefits is that the repayment duration ranges from 12 to 60 months. You have the freedom to choose a tenor as per your finances and needs.

3. Rapid disbursal
We disburse personal loans within 24 hours* of approval. This quick access to funds makes these loans ideal for medical and other emergencies.

4. No collateral required
Personal loans are unsecured loans, so you don’t have to mortgage an asset to apply.

5. Attractive rates of interest
Personal loans are offered at competitive interest rates, which aim to make your EMIs affordable.

6. Minimal paperwork
The documents required for a personal loan are basic and include:

  • KYC documents
  • Bank account statements

Employed applicants need to provide their employee ID card and latest salary slips. Self-employed applicants must submit their business proof documents, previous year’s turnover details, and income tax returns.

7. Easy qualification
Our personal loan eligibility criteria are simple, making it easier for you to apply for and get needed finance.

8. No restriction on the use
You can utilise the funds from your personal loan for any objective without limitations.

9. Tax benefits
Depending on how you use the funds, you may even be eligible for tax-related exemptions on your personal loan.

10. Flexi benefits
Our personal loans also offer a Flexi facility that allows you to borrow from your loan limit freely and part-prepay as per your requirement at extra cost. You pay interest only on the amount that you utilise. You can also lower your monthly instalments by up to 45%* by opting for interest-only EMIs for the initial part of the tenor.

*Conditions apply

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