As per data put forth by the Reserve Bank of India, personal loans accounted for the highest incremental growth among non-food credit disbursals in FY 2018-2019.
The popularity of personal loans can be attributed to the fact that it is an unsecured loan without any end-use restrictions. It means that the advance can be utilised to finance any requirement.
The easy availability of this credit through instant loan apps has further bolstered the increase in its demand.
Following are a few situations where opting for a personal loan can be advantageous –
One can avail a high-value instant loan to finance any medical emergency. Since these loans do not have any end-use restrictions, they can be utilised to finance any substantial expense.
Weddings require considerable spending on an individual’s part. Availing a personal loan from an online loan app can allow you to ensure that you don’t have to make any immediate out of pocket expenses for the event.
Pursuing higher education, especially abroad, can be cost-intensive. A loan from personal loan apps can help you to not just fund your child’s higher education but also pay for the travel expenses, lodging costs, etc. abroad.
While it hardly may seem like an emergency financial requirement, personal loans can also be utilised to finance a vacation, in India or abroad.
These are only a few instances where you can opt for a personal loan from online loan apps. With a loan value of up to Rs.25 lakh from apps like the Bajaj Finserv app – Experia, individuals can choose to finance any number of expenses. Nonetheless, before availing the advance, one must look through the eligibility criteria and documents required on the instant loan apps to ensure that the application process is hassle-free.
Also Read:- Complete guidelines to apply for a personal loan online
The popularity of personal loans can be attributed to the fact that it is an unsecured loan without any end-use restrictions. It means that the advance can be utilised to finance any requirement.
The easy availability of this credit through instant loan apps has further bolstered the increase in its demand.
Following are a few situations where opting for a personal loan can be advantageous –
- During medical emergencies
One can avail a high-value instant loan to finance any medical emergency. Since these loans do not have any end-use restrictions, they can be utilised to finance any substantial expense.
- For weddings
Weddings require considerable spending on an individual’s part. Availing a personal loan from an online loan app can allow you to ensure that you don’t have to make any immediate out of pocket expenses for the event.
- For higher education
Pursuing higher education, especially abroad, can be cost-intensive. A loan from personal loan apps can help you to not just fund your child’s higher education but also pay for the travel expenses, lodging costs, etc. abroad.
- For a vacation
While it hardly may seem like an emergency financial requirement, personal loans can also be utilised to finance a vacation, in India or abroad.
These are only a few instances where you can opt for a personal loan from online loan apps. With a loan value of up to Rs.25 lakh from apps like the Bajaj Finserv app – Experia, individuals can choose to finance any number of expenses. Nonetheless, before availing the advance, one must look through the eligibility criteria and documents required on the instant loan apps to ensure that the application process is hassle-free.
Also Read:- Complete guidelines to apply for a personal loan online
No comments:
Post a Comment