To make a big-ticket expense, most people save funds. But, there might be little room to save for them. Sometimes, sudden expenses, like a complicated surgery, urgent repair work in the house, or any unannounced expense, makes it hard to manage savings. An instant Personal Loan can save you from the stress and embarrassment in situations like these.
Personal loans are a comfortable debt option since they do not require collateral from the borrower. Moreover, Personal Loans have no restrictions on their end use.
You can borrow a Personal Loan to meet the expenses of your choice. You can even use parts of the loan amount for different purposes.
A user-friendly and advanced Personal Loan app like the Fullerton India Instaloan App helps customers complete the loan application formalities online anytime and from anywhere.
Individuals do not have to wait for long periods or save for years to meet their huge expenses. They can apply for an instant Personal Loan to meet those expenses and pay back the loan amount in pocket-friendly EMIs (Equated Monthly Instalment). Here is how Personal Loans can help you meet your huge expenses.
How Can Instant Personal Loans Handle Huge Expenses?
Individuals, especially salaried employees, have limited monthly budgets. They may find it extremely difficult to manage their expenses from their monthly salary. Some leading financial institutions like Fullerton India offer quick Personal Loans of up to Rs. 25 Lakh to such borrowers. An instant Personal Loan can help a person in the following ways:
- Personal Loans are collateral-free loans: Usually, most high-amount loans, such as housing loans, gold loans, and auto loans, are all secured in nature. It means you cannot avail these loans without providing an asset as security. It restricts many people facing a financial crunch from applying for a loan. A Personal Loan comes to your rescue for people who do not want to risk their valuable assets against a loan. A Personal Loan is collateral-free and doesn’t require any commodity as a security deposit to get a high-value loan. To meet a huge expense, you can avail a Personal Loan and without worrying about putting your life savings or assets at risk.
- A larger loan amount for huge expenses: An individual can get a loan of up to Rs. 25 Lakh under the Personal Loan category. Such a high loan amount is usually enough to meet huge expenses like weddings and college fees for professional courses and other necessities. The loan amount sanctioned depends on the borrower’s credit score and income level. If a person has a good credit score (750+) and has not defaulted on earlier loans, the lender may approve a higher Personal Loan amount. Similarly, an individual with a stable income source and a reasonably high monthly income can get a high loan due to a better repayment capacity.
- Easy loan repayment schedule: A loan of a high value calls for larger monthly repayments and a loan tenure. A Personal Loan aims at keeping the borrower at comfort. The repayment tenure of a Personal Loan ranges between 12 and 60 months. Such a long duration is enough to make a comfortable loan repayment without pressing the borrower too much for funds every month. Moreover, the loan tenure is flexible and the borrower can pick a duration as per their repayment capacity. If they can afford a bigger EMI, they can reduce the loan tenure and save on interest charges. On the other hand, if their monthly budget does not allow a large EMI, it is wise to extend the loan duration to keep the EMI amount under the budget.
- Quick loan disbursal: New-age lenders offer instant loan apps to loan seekers. These apps facilitate a quick loan application process and accelerate the loan disbursal process.
A Personal Loan helps a person arrange funds comfortably for huge expenses without putting his assets at risk.
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