In the past few years, the financial sector in India has witnessed a significant change with the advancement of technology. In fact, statistics show that lenders in this country are likely to grow by 25% – 30% in the upcoming years. The industry also expects to see a growth in the demand for personal loans.
Of all other financial products, personal loans are in demand because of their versatility, flexibility, and accessibility. For those who need a high amount of finance to cater to immediate monetary needs, a personal loan can be an appropriate choice to avail. However, before applying for one, you should thoroughly check the Bajaj Finance personal loan features and benefits offered by your preferred lending institution.
Here are a few reasons why opting for Bajaj Finserv personal loans in India makes sense.
a) NO NEED TO WORRY ABOUT COLLATERAL
Since personal loans are unsecured, a borrower doesn’t need to pledge any collateral to avail it. Lending institutions sanction collateral-free personal loans based on the applicant’s income and credit history. So, it’s easy to sanction, and there’s no risk of losing any asset in case the borrower defaults.
b) ENJOY QUICK LOAN DISBURSAL
Personal loans are also popular because of their quick and hassle-free disbursal. Often, leading financial companies disburse the loan within 24 hours, provided all the required documents are submitted correctly by the borrower.
c) REPAY THE LOAN CONVENIENTLY
Getting a personal loan is no more a financial burden even if you avail higher amounts. The reason is most lenders offer repayment flexibility according to the borrower’s convenience.
For instance, many NBFCs offer flexible repayment tenor ranging from 12 months to 5 years.
d) ENJOY EXCLUSIVE PRE-APPROVED OFFERS
Lending institutions like Bajaj Finserv also offer pre-approved offers, especially for existing customers. Not only do these offers make the procedure of availing funds easier but they also save time significantly. Pre-approved offers are available on personal loans, business loans, mortgage loans and a myriad of financial products and services. Anyone can check out their pre-approved offer by submitting a few details online.
e) PAY COMPARATIVELY LOWER INTEREST RATES
While most people prefer to use credit cards for meeting their short-term financial needs, they end up paying higher rates of interests. On the contrary, interest rates are comparatively less for personal loans. So, the latter reduces the financial burden on borrowers to a large extent.
Besides the above, some other reasons for availing unsecured personal loans include:
● Apply for higher amounts of loans up to Rs. 25 lakh.
● Complete the entire process with minimal documentation.
● Enjoy instant personal loan approval just in 5 minutes.
● Avail Flexi Loan facility and lower EMIs up to 45%.
Last but not the least, on-time repayments of the loans can improve one’s credit history and the CIBIL score significantly.