An increased digital reach across rural and urban masses in India has facilitated the penetration and scope of retail financing in the country. As digital lending continues to fill the credit gap, the expanding base of fintech platforms poses an extensive market opportunity.
Studies indicate that various initiatives towards digital lending posit a five-year-long market opportunity of up to Rs.68 trillion.
Such expansion, thus, brings an opportunity for households to avail loans easily without stepping out. It can be particularly beneficial under scenarios where a country reels under crisis due to unforeseeable circumstances like a lockdown.
Digital lending measures make it easier to get a personal loan and the likes to help fulfill urgent financing needs.
Amidst such growth figures, it is pertinent that financial institutions be facilitating easy loan availability to individuals stuck in the crossroads of economic slowdown and nation-wide disruptions. Here’s how you can avail the likes of a fast personal loan with ease.
Tips to avail easy loans for bill payments during nation-wide disruptions
Among one of the quickest funding options, personal loans come with a range of features that make them easy to avail. Also, these financing options are sufficient to pay for various fixed and emergency bills.
For instance, you can avail of an instant personal loan to pay off your medical debt created out of urgent healthcare assistance.
Utilize the following tips to avail easy financing –
Look for collateral-free financing
Collateral-free advances that do not require a borrower to mortgage an asset also come with minimal formalities. Like, asset verifications are eliminated and paperwork is reduced.
You can get a personal loan of up to Rs.25 lakh as an unsecured advance with some of the best NBFCs.
Seek digital application and approval procedures
The availability of an online application and approval procedure ensures you have access to funds from the comfort of your home. Lenders providing instant loans ensure a simple online application process.
Features like a quick approval and one of the fastest disbursals also make these easy loans accessible to all.
Fulfill all eligibility requirements
Financing options like personal loans are unsecured, which makes it mandatory for a borrower to meet all eligibility criteria to avail such advances. You must thus make sure to fulfill minimal eligibility requirements to get a personal loan with ease from a lender.
Some standard eligibility requirements for these advances include income, age, and employment criteria. Also, a minimum 750 CIBIL score for a personal loan is mandatory.
Apply for a lower advance value than your eligibility
Applicants seeking a loan amount lower than what they are eligible for also reduce a lender’s risk as to the chances of timely repayment increase. Thus, it is ideal to apply for a smaller loan amount than what you are eligible for a quick approval.
You can utilize a personal loan eligibility calculator available online and apply for the advance accordingly.
Look for pre-approved offers
Lenders also bring pre-approved offers to simplify the process of financing for borrowers. These offers allow for swift processing of the request and provide funding instantly.
For instance, Bajaj Finserv brings its pre-approved offer for hassle-free and quick processing of the funding application. These offers are available on a range of financial products, which also include personal loans, business loans, and credit cards.
You can check your pre-approved offer only with your name and contact information.
Features that make an easy loan affordable
Competitive interest rates
The likes of low-interest personal loans reduce one’s repayment liability considerably. To arrive at the most competitive option, you must conduct a market comparison of various offers.
An extended repayment tenor makes EMIs affordable. Opting for a long tenor, thus, helps reduce your fixed monthly outgo.
Flexible repayment options
You can also get personal loans with multiple repayment options like EMI servicing, foreclosure, part-prepayment, etc.
Additionally, the likes of flexi loans that are revolutionizing lending in India also allow you to withdraw from a pre-sanctioned loan amount; interest is charged only on the amount withdrawn.
A balanced mix of affordable and convenient financing helps make availing easy personal loans possible during economic disruptions.
Utilize the tips and apply for the loan in advance with the necessary eligibility to pay your bills easily.