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10 Reasons Why Personal Loans Have Become So Popular By The Day in India
An unsecured personal loan is a type of loan that you can avail of from a bank, NBFC, or another financial institution to finance any of your personal requirements. Although personal loans have been present in India for several decades, they have only become more popular over the last few years. Several reports have revealed that the number of applications for personal loans has been on the rise over the previous decade, and there are several reasons for that. After all, an instant personal loan is collateral-free, readily available, and comes at competitive interest rates. Moreover, they are quick and easy to avail, and you are free to use your loan amount any way you like.
Witnessing the substantial growth and popularity of personal loans in India, let’s look at the top 10 reasons why they have become so popular by the day.
1. Easy Availability Online
Several NBFCs allow online loan application through their websites or applications. You can even get your documents verified online without the need to upload or submit them anywhere. Once you get your approval, the loan amount is directly deposited into your bank account.
2. Quick Loan Application and Approval
Traditional banks were notorious for not approving loans quickly. You had to wait for several days before getting the final word of loan approval or rejection. However, with NBFCs like Clix Capital, online loan application takes less than 2-3 minutes. If everything goes smoothly, you may get your approval within 15 minutes*.
The complete process from application to disbursal is done online within minutes. In this way, you can get access to your required funds without visiting the lender even once. Moreover, the quick loan approval and disbursal allow you to cover your emergency expenses without delay or hassle.
3. Lots of Options Available
There are so many personal loan lenders in India, due to which you get a reasonable number of options to select from. You can compare lenders online and choose the one that best suits your requirements and budget. Compare lenders based on their loan amount, interest rates, repayment terms, eligibility conditions, documentation requirements, customer service, and others. Apply to one lender with which you have the highest chances of approval.
4. Minimal Documentation Requirements
When you apply for an unsecured personal loan, you don’t need to submit bunches of documents. Documentation requirements for personal loans are much less than business loans and home loans. Therefore, people get attracted to their minimal documentation requirements. You just need to prove your identity, address, and income to apply for a personal loan.
5. User-Friendly Websites to Ease Online Loan Application
The online lenders’ websites are designed while keeping your needs and skill level in mind. Applying for a loan, checking credit scores, and calculating EMIs are easily done through the online tools available on most lenders’ websites. Moreover, there is minimal human interaction involved. The entire process can be carried out online with just a few clicks and taps of your PC or smartphone.
6. No Collateral Requirement
One of the main reasons more people opt for personal loans in India is that they are collateral-free. When you apply for an unsecured personal loan, you don’t need to pledge any security, collateral, or guarantor to get approval. That’s not the case with big-ticket loans like home loans. One crucial factor that lenders take into consideration is your credit score.
7. Simple Eligibility Criteria
Eligibility conditions for personal loans are straightforward and uncomplicated. To apply for a personal loan from Clix Capital, you need to fulfil the following criteria:
8. No End-Use Restrictions
One of the major advantages of applying for a personal loan is that the borrowers are free to use their loan amount as they please. While other loans like home loans can be used for a particular purpose only, you can use a personal loan without any end-use restrictions.
Unlike other loan types, you may use a personal loan to finance your home renovation, travel expenses, study abroad, wedding planning, medical emergency, debt consolidation, or anything else. Therefore, you are free to use your personal loan to cover expenses for any planned or unplanned projects.
9. Flexible Repayment Tenure
The repayment tenure for personal loans from Clix Capital ranges between 12 and 48 months. You can choose a repayment tenure that is best suitable for you. However, remember that interest outgo for longer loan tenure is much higher than that for a shorter tenure. Therefore, flexible repayment options make personal loan repayment much more manageable. You can calculate your EMIs using a personal loan EMI calculator and select the loan tenure that best suits you.
10. Improves Credit Score
A personal loan is a great way to bring diversity to your credit portfolio. If you take a personal loan and repay its EMIs on time, it can also become an excellent way to improve your credit score. Since your credit score is a crucial parameter that lenders check to determine your creditworthiness, you can improve your credit score using a personal loan and open your doors to more loans in the future.
How to Apply for a Personal Loan
Considering all the reasons why personal loans have become so popular in India by the day, if you are also planning to apply for a personal loan, follow these steps at Clix Capital and have your expenses covered:
Above are the main reasons personal loans have become so popular in India over the last few years. If you are also looking for one, contact Clix Capital to apply for a personal loan of up to ₹ 25 lakhs. Take advantage of our easy eligibility, minimal documentation needs, and online loan application process to get your required funds within minutes.
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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