Top 5 Reasons You Should Let Personal Loans Handle Those Big Purchases
Many people think they should save before they buy to avoid going into debt. But it’s not easy for everyone, especially those with limited monthly cash flow, such as salaried individuals. In this case, it may make sense for most of us to apply for an instant personal loan online to make big purchases.
You can use a personal loan for almost any purpose, including sudden expenses, debt consolidation, or major purchases. Therefore, rather than saving up over time for a much-needed big purchase, most individuals consider a personal loan and repay the borrowed amount in manageable installments.
As the festive season approaches, avail of Fullerton India’s special offers in 2022. Eligible salaried borrowers can now avail an online personal loan of up to INR 25 lakhs and avail up to 0.5 %* discount on interest rates or processing fees!
Why personal loans to manage large purchases?
Today, leading institutions like Fullerton India offer personal loans at affordable costs and flexible repayment terms, online application process, minimal documentation and attractive interest rates.
Let’s take a closer look at some key benefits of personal loans.
1. Loans without collateral – Zero risk for an asset
An unsecured personal loan is an excellent financing tool for large purchases. . You can get a large personal loan without risking your wealth. Lending institutions grant a personal loan based on your credit history and your score.
2. Get a bigger penalty
You can easily apply for a personal loan to finance your small or large purchases. It can go up to Rs.25 lakh.
3. Easy repayment schedule
You can choose a loan term to repay the loan without worrying about an unaffordable monthly payment. Reputable lenders like Fullerton India offer personal loans with flexible tenors, usually ranging from 12 to 60 months. To plan your repayment schedule, you can use an online EMI calculator and estimate your EMI over different durations.
4. Easy eligibility criteria
To meet the growing demand for personal loans, credit institutions have relaxed the eligibility criteria.
- For any unsecured loan applicant, a good credit rating and track record is required which can be maintained with responsible financial behavior.
- Your age must be 21 (when applying for the loan) and under 65 (when the loan matures).
- The minimum income requirement for personal loan eligibility is Rs. 25,000 for residents of Mumbai and Delhi, and Rs. 20,000 per month for residents of other Indian cities.
These are indicative eligibility parameters which may vary from lender to lender. You can refer to the official website of renowned lending institutions to check their required eligibility criteria. Also use the personal loan eligibility calculator and check the maximum personal loan amount you might be able to get.
5. Faster application and disbursement process
A personal loan is one of the most transparent and readily available loans in India. The online application process allows individuals to get instant loans for any emergency. When you apply for a personal loan, you don’t have to wait days for the funds you need. A few large lending institutions may disburse funds soon after final loan approval. You should know that the personal loan approval process is much faster on the lenders’ mobile apps.
Personal loan interest rates are lower than most other unsecured loan products such as credit cards or payday loans. At Fullerton India, personal loan interest rates start from just 11.99%* per annum.
So, when used with caution, a personal loan brings several notable benefits. One can repay the loan without putting undue pressure on their monthly budget, making it a great option for people looking for an instant personal loan online to finance their major purchases.
I wish you a happy, joyful and safe Diwali!
*Terms and conditions of application. The final terms of the personal loan, including the interest rate, will depend on a number of factors including Fullerton India policy at the time of applying for the loan.
**Terms and conditions of application. Loans are disbursed at the discretion of Fullerton India. This is a limited offer and available to eligible online employee applicants until December 31, 2022 only.