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Why should one take a personal loan online?

Posted by trishyasharma on October 1st, 2019

Taking personal loans for gratification of wish-lists is a new trend amongst millennials.  Older generation preferred to save before spending and new generation is pro-loan generation.

However, taking personal loans apart from meeting immediate requirement turns out to be beneficial in some ways. Here’s how –

  • One Personal Loan – Multiple Usage
  • Better financial discipline as compared to credit card
  • Flexible Repayment Options with long repayment terms
  • Helps build/improve credit score
  • Builds self-reliance

 

  1. One Personal Loan – Multiple Usage :

No one asks you for any documents for the loan. Whether you are planning to buy an electronic appliance, finance your home renovation, pay off credit card debt or take care of unexpected medical emergencies - a personal loan can help you cover everything. It is unsecured short term loan and is available with minimum documentation. Fast and quick disbursal experience makes it convenient.

 

  1. Better financial discipline as compared to credit card:

Got a job, got a new credit card? One, two or perhaps more in the wallet! But to what extent will you use them? To manage your finance wisely, it is suggested that one should not spend more than 20-30% of the credit card or the amount that cannot be covered in the next monthly cycle. Else the unpaid credit card leads to higher interest charges as compared to personal loan.

Personal Loan, by nature of monthly payment through automated debiting of EMI/Interests leads to better financial discipline.

  1. Flexible Repayment Options with long repayment terms:

 

With personal loans, one can choose different kind of loans – flexible repayment loan like EMI Free Loan that will help you lower monthly instalment up to 40%. You service only interest on monthly basis  and pay bullet amounts for Principal repayment, every 6 months. This loan can be taken for as long as 60 months and if you have higher cash inflow, you can prepay anytime after 6 months of servicing the loan without any extra charges.

 

  1. Helps build/improve credit score:

Everyone is aware about CIBIL score or credit bureau scores that are used to assess one’s credit profile. If you are planning to buy a home one day and apply for a home loan, your credit bureau score will most certainly be assessed. This score would narrate the tale of your repayment capacity and financial discipline.

 

  1. Builds self-reliance:

Taking loan builds self-reliance and one does not have to borrow money from anyone.  Online personal loan apps offer high amount loan for longer tenure to salaried consumers who earn Rs 30,000 per month. You get this loan within 24-36 hours of application without much documentation and hence, even in times of emergency, you do not have to ask for money from anyone. Also, instead of utilising your savings, repaying the money through instalments may seem to be better choice.

Also See: Personal Loan, Credit Card, Personal Loans, Financial Discipline, Personal, Loan, Credit

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