How Instant Personal loans changed the trend of the personal loans market in India www.indialends.com
Modern-day Indians are no more skeptical when it comes to taking loans, unlike the older days. Personal loan is considered as the best option to deal with any kind of cash crunch. It gives freedom to the borrower to use the loan amount as per their requirement. There are many DSAs, Banks, and NBFCs who are offering Instant online Loans. These loans are available at affordable and reducing interest rates along with easy repayment options. Let’s have a look at a few game-changing trends of the Personal loans market in India.
Availability of digitized personal loan All Banks and NBFCs have an online portal where the consumers can do a personal loan application in just a few clicks. It is a simple online form that can be filled anywhere and at any time. Enjoy Flexible tenure and EMIs :- When you go with an option of Instant personal loans, then you get the liberty to choose a tenure based on your repayment capacity. One can easily increase or decrease EMI as per the repayment capacity. It can be done using the Personal Loan EMI calculator, a tech-savvy feature available with all lenders. Personal Loan comes up with reducing interest rates :- Personal loan works on reducing interest rates. It is calculated on the outstanding loan amount that is the amount remaining after previous interest deduction. This method of calculation is beneficial for the borrower as the total interest cost significantly reduces. www.indialends.com
Minimal documentation:- Instant approval of a loan becomes possible as the online process of applying for an instant personal loan is promoting the concept of limited documentation. They only ask for PAN Card, address proof, identity proof and income proof for loan approval. Fast processing:- The processing time for personal loans is comparatively shorter as compared to any other form of credit. Since the loans are unsecured and do not require any collateral, once the documents have been submitted the loan is disbursed within 24 to 48 hours. Debt Consolidation:- To keep a track on all EMI payments is quite difficult. If you miss out on any EMI, then as a result, you need to pay penalty and your credit score and relationship with the lender may get adversely affected. Fintech companies made consumers a very reasonable proposal: pay off your high-interest credit cards with a lower-interest personal loan. www.indialends.com
Financial awareness :- More and more people are getting financially aware and are no longer considering personal loans as a liability or a taboo. There is heightened interest and consumers are willing to explore such opportunities. Personal loans are one of the financial debt products which immediately cater to the growing needs and aspirations of customers, especially after the technology and process convergence which enable instant approval of personal loans for customers. Read More :- What To Consider Before Applying For A Personal Loan In India www.indialends.com