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4 Factors That Make Small Personal Loans A Viable Borrowing Option

November 05, 2022 • 244 views
Author: PoonawallaFincorp Category: Personal Loan

We sometimes may not get the chance to fulfil all our desires and aspirations in our fast-paced and usually hectic lives. However, the desires don’t go away. For instance, you might have always wanted to take your family on a dream vacation abroad. However, you may be forced to put your aspirations on hold due to time and financial restrictions. Other times, you might require quick funding to avoid missing out on a fantastic opportunity or to fulfil obligations on schedule to preserve our credibility.

Personal Loans can help in this situation. Personal Loans are unsecured loans obtained for a variety of purposes, such as paying for an unexpected medical emergency, planning a fairytale wedding, planning an exotic vacation, or renovating your home.

However, we understand that there may be some reasons why you might be hesitant to make this choice. A list of factors that make small Personal Loans a viable borrowing option is discussed below in this article. After going through these benefits, you can decide on taking out a small instant loan and going forward with your application.

4 Factors That Make Small Personal Loans a Viable Financial Instrument

Easy Online Process

The need to physically visit a lender's branch is a thing of the past. The days of having to wait in endless, long-braided, slowly moving serpentine lines are long gone. You can now easily apply for an instant loan online from the convenience of your desktop computer, laptop, or mobile. To verify the legitimacy of the information provided, you can also submit soft copies of the documents online.

Nowadays, Personal Loan application procedures are becoming more simplified, easy, and straightforward. Some NBFCs like Poonawalla Fincorp also provide doorstep documentation services. A representative will visit you at a suitable, prearranged time and place to review the documents, take pictures of them, or even create photocopies if necessary.

At Poonawalla Fincorp, we value our clients and pay attention to their needs. Therefore, you can always contact us at our customer support Centre, regardless of how small or big, your concern is. Our experts will be happy to answer your questions and make sure you finish the procedure quickly and correctly. Assuming you have all the necessary paperwork ready, you can typically complete and submit a Personal Loan application in under 30 minutes.

Also Read: 7 Reasons Why You Should Consider a Personal Loan for Education

Flexible Loan Repayment

Instant Personal Loans are flexible and can be specifically tailored to meet a variety of demands, including home renovations, travel, weddings, and unexpected medical expenses. Based on the borrower's unique demands and capacity to repay, Personal Loans can be customized according to interest rates, loan repayment plans, and tenures.

These days, some lending institutions also have curated product offerings, such as Personal Loan for Home Renovation, Personal Loan for Wedding, Personal Loan for Travel, and more. These are designed solely for the borrower's concerned needs after considering the unique purpose of the funds in fulfilling the particular purpose.

Additionally, interest rates for loans vary depending on the size of the principal, duration, and a thorough evaluation of the borrower's credit history. The borrower can choose from a range of customizable tenures and loan repayment plans for an instant loan.

Furthermore, in the case of Personal Loans, there is no "one size fits all" principle. Here, the loan is designed just for you to fulfil all your needs and goals. The tenure of loan repayment can range from 12 months up to 60 months. The EMI goes down as the tenure goes up and vice versa. Therefore, pick a duration that enables you to personalize your monthly outgo to your necessities.

Minimal Documentation

Applying for a loan can be a tedious process due to the extensive and onerous qualification standards and documentation requirements. To be approved for a loan, lenders only ask that you fulfil a few prerequisites and some basic yet important documents.

However, documentation for Personal Loan applications submitted online is fully digital. You can easily upload the few required documents with your application online without experiencing too many challenges. As a result, the procedure is entirely paperless. You can also opt for doorstep document collection; only proof of age, address, stable income, credit history, bank account details, and other basic documents are needed. These are required to make sure that all the information is authentic and that you've provided truthful data.

Personal Loan paperwork can include:

  • KYC documents like Aadhar or PAN card.
  • Proof of address - passport, utility bills, or rent agreement.
  • Proof of Income - latest salary slip.
  • Financial documents like bank statements from the last 3 months.
  • Qualification Proof, such as a degree certificate.

With an easy documentation process for Personal Loans, borrowers can expect quick approval and swift loan disbursal as well.

No Collateral Required

Personal Loans offered by NBFCs like Poonawalla Fincorp are unsecured loans.  Therefore, there is no need to put up any kind of security in the event of default or non-payment of debts. To put it simply, this feature opens Personal Loans to any individual with a good credit history.

Therefore, it is easy to understand the clear benefits of Personal Loans since they provide reliable ways to meet any financial goal or requirement. You can fulfil every need, desire, ambition, goal, and dream with an instant loan. The crucial step is to conduct a thorough investigation and research to choose a Personal Loan that is best for you.

Final Thoughts

One of the most popular types of loans available today is Personal Loans. Four of the many benefits of Personal Loans have been stated above, but there are many more that make them so popular. Make sure the loan amount is appropriate for your capacity to repay it before choosing to take out a Personal Loan.

Additionally, carefully read all the terms and conditions of the loan you opt for with any lender. Personal Loans are provided by numerous banks, fintech firms, and lenders. Choose a loan plan that best suits you by comparing interest rates.

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