Even though we live in the fastest progressing nation with a lifestyle that is improving day by day, maintaining a certain standard of living requires availability of cash and ability to purchase goods.

With credit options available on consumer goods, many individuals may think 'why do I need a Personal Loan?' However, as easy as the other financing options are made to look, a financially intelligent person will look into why Personal Loans are a good option for them. Firstly, a cash-strapped individual will immediately think of a Personal Loan wherein real cash is available as opposed to a plastic card. Secondly, the terms and conditions attached to the funds are of utmost importance. Thirdly, freedom to use the loan as and when desired by the applicant is a huge benefit that a loan seeker desires.

Let’s get to why are Personal Loans Good for the Borrower?

Simply, a Personal Loan provides the cash-strapped borrower with free flowing money to meet their short-term requirements. And less risk adds to less stress.

  1. The lender does not question or put terms and conditions upon the use of the funds.
  2. The utility of the funds are purely based on the borrower’s discretion.
  3. The non-existence of collaterals and securities makes it a boon for the Personal Loan bearer.
  4. Confidentiality of the bearer is a primary factor that the bank undertakes.
  5. Easy repayment in a shorter duration is what makes Personal Loans the first preference of the borrower.
  6. The ease of online process has eradicated the need of a middleman thus making it more secure.
  7. The turnaround time for the loan approval is short for those in need of urgent funds.
  8. The availability of predefined schemes and offers is an added benefit for the bearer. The borrower has to simply choose a loan that fits his or her needs.
  9. A loan of INR 15000 to INR 25 lacs can be availed through online Personal Loans.
  10. Personal Loan documentation process is easier as compared to traditional loan applications.
  11. A quick approval brings about easy access to funds (usually within 24 hours) especially in an emergency situation.
  12. Traditional loans are locked in for a stipulated time period whereas the online Personal Loans are quicker to pay off.

When to Apply for a Personal Loan?

Stressful situations or happy occasions don’t knock on the door before arriving. Similarly, applying for a Personal Loan has no set timing or a preferred timing either. However, an online Personal Loan can be availed at any given time. Is there a specific criteria as to when one should apply for a Personal Loan? No. As the name suggests, Personal Loan is a provision added to help an individual align his or her personal priorities with respect to additional financial support. The loan has been created to add comfort and convenience in the life of people who would need money at the spur of a moment to fulfill their needs. It is a loan for the people by the people.

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