A few reasons why opting for a personal loan is a wise choice

Indian economy has gone through a number of changes in recent days- inflation rates have increased and the cash flow in the country has decreased severely. Therefore, more than often, people are left with no reserve funds to relieve a sudden financial exigency. Thus, at such times, they look for financial assistance through loan sharks or family and friends. However, now they can save themselves from the humiliation and simply contact a new-age bank or NBFC (non-banking financial company) and apply for personal loans. There are a number of reasons why opting for a personal loan is a great choice, and a few of them are here as follows:

• Collateral-free loans: Personal loans are unsecured in nature; thus, neither do you have any restrictions on its usage nor do you have to submit any collateral to make use of them. Further, these loans can be used by you to purchase anything or to consolidate any of your financial urgencies.
• Quick approval: The new-age financial institutions also provide you with the facility to apply online for a personal loan. Thus, you can make use of the online feature and skip the long queues in front of the banks and NBFCs (non-banking financial companies) - you can apply online from the comfort of your home or office. Further, the financial institutions also provide you with quick approval and disbursal of the loan amount.

Repayment tenure is flexible: The repayment of personal loans is done in the flexible form of EMIs (equated monthly installments). You get to repay the loan amount within one to five years. Therefore, you can carefully plan out and repay the entire borrowed sum over a set period of time. Your EMIs are calculated on the basis of the principal borrowed amount, Personal loans online charged by the financial institutions and the repayment tenure chosen by you.

• EMI calculator: The financial institutions also provide you with online tools such as an EMI calculator for free on their online websites. Thus, you can easily make use of this tool to calculate your installments. Further, the interface of this tool is extremely user-friendly and even helps you to compare financial institutions to find the personal form of a loan at the lowest possible interest rates. Also, you can even compare unsecured loans on the various aggregator websites available online.
• Attractive interest rates: The personal loans are offered at attractive rates of interest starting from 10.99%. Further, the ApnapaisaPersonal loans charged by the new-age financial institutions for an unsecured loan is way lower than the ones given out by the traditional financiers.
• Documentation: Thanks to the digitalization of financial institutions; banks and NBFCs (non-banking financial institutions) have started providing all of their lending services online. One of the biggest benefits of the online feature is the fact that you get to avail a Personal loans without any sort of paperwork- the documentation has been completely digitalized. Therefore, you are saved from the hassles of organizing piles and heaps of documents.

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Anushka Kapoor ApnaPaisa helps you get the best financial solutions Joined: March 12th, 2019