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8 Possible Reasons Why More Borrowers are Using Personal Loans

Clix August 31, 2021

 

Personal loans can be used for just about anything. With the advancement of the internet and digital lending scenario, personal loan has become much easier and faster than ever. As a result, whenever someone needs money to cover any planned or unplanned expense, they look forward to a personal loan lender to get the necessary funds. The popularity of personal loans has increased a lot over the last few years, probably because of their easy availability and instant approval.

Let’s look at the possible reasons why more borrowers are using personal loans.

1.    Ample Loan Amount

One of the major reasons personal loans are getting borrowers’ attention is that most lenders offer ample loan amounts to cover a myriad of expenses. For instance, Clix Capital offers personal loan finance of up to Rs. 25 lakhs, which is usually enough to cover most expenses related to your home renovation, education, vacation, wedding, debt consolidation, or medical emergency. If you are eligible for a personal loan with high credit standing, you can get a high loan amount at a low interest rate.

2.    Easy Repayment in EMIs

Personal loan allows you to cover the required expenses at the right time and repay it later in easy EMIs. So, your personal finance does not bear the burden of a loan. You can distribute the borrowed amount in easy EMIs over several months or years and repay it at your convenience.

3.    Flexible Loan Tenure

Many lenders give you the option to choose your loan tenure from a wide time frame. For instance, Clix Capital allows you to select a loan term from 12 to 48 months. A longer loan term means smaller EMIs with loan amount spread across several EMIs, while a shorter loan term means bigger EMIs to be paid within a short period. However, you end up paying a higher interest outgo with a longer loan term than a shorter loan term.

So, use a personal loan EMI calculator to get an estimate of your EMI amount. Accordingly, you can choose a loan tenure with EMIs you can easily afford within your monthly budget and repayment capacity.

4.    No Collateral Requirement

Personal loans are collateral-free loans that you can avail without any collateral, security, or guarantor. Your personal loan eligibility is largely based on your credit score, which is an indication of your credit history and repayment habits. You can apply for a personal loan from Clix Capital only if you have a credit score of 725 or above.

5.    Easy Eligibility Conditions

NBFCs like Clix Capital have made their personal loan eligibility criteria extremely simple so that anyone can fulfil them and get access to their personal loan . To apply for a personal loan from Clix Capital, you need to fulfil the following conditions:

    • You should be between 25 and 58 years of age
    • You must have a monthly income of at least Rs. 25,000
    • You must be working with your current employer for at least 6 months
    • You must have work experience in the current field for a minimum of 12 months

With such simple eligibility conditions, anyone who needs funds can apply for a loan and meet their ends.

6.    Minimal Documentation Requirements

Earlier, borrowers had to collect and submit bunches of documents to avail a loan. However, lenders now ask for minimal personal loan documents only to verify your identity, address, and income. To apply for a personal loan from Clix Capital, you need the following documents:

    • Duly filled online application form
    • Identity proof like Aadhaar Card, government ID for government employees, or PAN Card
    • Recent passport size photograph
    • Address proof like Aadhaar Card, passport, driving license, Voter ID, etc.
    • Income proof, including your last month’s payslip or current year’s Form 16

What makes them more attractive is the fact that you don’t need to upload or submit these documents anywhere. If your KYC is updated with Aadhaar and PAN, you can get these documents verified online within minutes. Such an online verification process saves your time, thereby making the personal loan available within minutes.

7.    Easy Application

Borrowers like the easy application procedure of personal loans from reputed NBFCs. For instance, to apply for a personal loan from Clix Capital, you just need to follow these simple steps:

    • Visit the Clix Capital website
    • Check your credit scoreand ensure that it is more than 725
    • Fill up the personal loan application form
    • Get your documents verified online that takes just a few minutes. However, if your KYC is not updated, you will have to provide some necessary details
    • Once you receive your loan approval, you have to accept the loan offer
    • Finally, activate the e-mandate for regular EMI payments on time

You may complete the entire application procedure online right from the comfort and privacy of your PC or smartphone. You don’t need to visit the lender’s office even once and get your approval within minutes.

8.    Instant Approval

Compared to earlier times when loan approvals took several weeks’ time, today, you can get your loan approved within a matter of minutes. The application procedure is entirely online, there is no collateral involved, and documents are also verified online. As a result, lenders take much less time than before to verify your details and approve your loan application. If everything goes smoothly, Clix Capital can approve your loan in as quickly as 15 minutes*.

If you also find the personal loan , get in touch with Clix Capital. We offer personal loans of up to Rs. 25 lakhs with 12 to 48 months of repayment tenure. Use your approved loan amount the way you want and meet your expenses without touching your savings. So, what are you waiting for? Apply now and get all the above mentioned benefits and many more.

For any queries, find us on Facebook, Instagram, LinkedIn, Twitter, or WhatsApp

You can also reach out to us at hello@clix.capital or call us at 1800 200 9898

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