2017 is set to be a memorable one for Rupesh Singh. He is starting a new job in Bangalore and he will be getting married in the second half of the year. But he is a little worried about managing his finances. Paying for the wedding and getting rented accommodation in Bangalore will be a large expense. They will eat into his savings. But Rupesh has decided to do the smart thing. He plans to leave his savings untouched. Instead, he will opt for a Personal Loan.

The dynamics of personal finance are changing. It is becoming easier for people to get these loans. In fact, 2017 could be an exciting year for Personal Loans. Here is a closer look at the many developments that are unfolding.

Emerging Opportunities in The Indian Personal Loan Industry

Do you want high convenience or a quick response? Loan providers are working hard to ensure customers get their Personal Loans with ease. You no longer have to run around to get approval for a Personal Loan. Now you can apply for a Personal Loan online. Just check your eligibility on the lender’s website. You can get loan approval while sitting at home. Some of the features that make the present-day Personal Loans so amazing are listed below:

    • Online loans: The Personal Loan business has taken a 180-degree turn with the spread of the internet. You no longer need to make multiple trips to your lender’s office to get a Personal Loan. Now, the loan amount reaches your bank account without your having to leave home. Check your eligibility, apply for the loan, and submit your documents with ease. You can now do everything online, even getting loan approval.
    • Quick turnaround time: Rupesh’s father had taken a Personal Loan 15 years ago. But the lender rejected his application twice before finally approving it. Mr Singh wasted almost a month in the process. But Rupesh faced no such problem. The lender informed Rupesh about his application status instantly. The spot approval feature of online Personal Loans is another interesting aspect. Look out for this in 2017.
    • More focus on individual customers: Many loan providers have suffered heavily in the past few years. They have lent money to corporate houses who could not repay the loans. So, lenders are now focusing on individual customers who look for Personal Loans. Indeed, 2017 is a good time to take a Personal Loan. Most lenders will give you Personal Loans along with special offers.
    • Implementation of MCLR: The Reserve Bank of India rolled out the marginal cost of funds-based lending rate (MCLR) last year. So, lenders are now legally bound to offer Personal Loans at a benchmark interest rate. As a customer, you can now expect more transparency with regard to the interest rate.

Read More : MCLR: The New Lender Guidelines and What It Means for You

The bottom line

These are some of the interesting features that could affect the personal finance segment this year. You can opt for a Bajaj Finserv Personal Loan and make use of all these advantages in 2017.

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