5 unique features that make personal loans popular today

When it comes to borrowing funds for obligations like emergencies, home renovation or debt consolidation, the personal loan is more than a viable option. It offers ample finance without the need for collateral. Moreover, lenders today are offering instant personal loans that let you get your hands on the funds you need without delay. 

Easy online application processes, digital approvals, and paperless financing make availing of a personal loan easier than ever before. Here are 5 unique features that behind the rising popularity of online personal loans today.

Get funds without collateral 

One of the many reasons why an instant personal loan is popular among Indian borrowers is that it is collateral-free. This feature removes barriers to accessing quick finance. With no asset valuation required, you are spared from untimely delays. Moreover, even without providing security, you can get personal loans up to Rs.25 lakh from lenders like Bajaj Finserv. This way you can cater to small- and big-ticket needs without hassle.

Avail of 100% online approval 

Personal loans are known to have simple eligibility criteria and require minimal documentation. Most borrowers can get funding without hiccups, quickly. However, via a 100% digital lending process, Bajaj Finserv makes it even easier for its existing customers to obtain approval. Here, you get access to funding you need in just a few clicks. The online application process is paperless and no documentation is required. So, as soon as you ask for finance, you get it!

Receive funds quickly

Today, lenders offer instant personal loan financing that is true to its name. This helps you access funds for urgent needs easily. Bajaj Finserv offers funding within the same day of approval. In fact, if you are an existing customer, you may get the loan amount transferred to your bank account within 20 minutes with an instant personal loan! With swift funding, you can address a pressing need as soon as it crops up.

Repay your dues comfortably 

While approval times are now shorter, you can still repay a personal loan over a flexible, long tenor. For instance, Bajaj Finserv allows you to take an instant personal loan and repay it over a flexible tenor of up to 60 months. This way, you can easily tailor repayment to your financial capabilities while ensuring your monthly budget remain unstressed. To plan for repayment beforehand, you can check your personal loan EMI online.

Avail funds through a pre-approved offer

When seeking instant financing, opting for a pre-approved instant personal loan can be your best bet. Lenders like Bajaj Finserv offer existing customers personalised loan deals based on their existing relationship. With Bajaj Finserv’s pre-approved offer in hand, all you must do to get financing is:

  • Access the offer online
  • Verify your information 
  • Authorise disbursal 

That’s all there is to it! 

Now that quick online procedures are making the personal loan even more attractive, consider their other unique features offered by lenders as well. For instance, Bajaj Finserv promises you transparency and easy-to-understand terms and conditions. This means no hidden charges or clauses as everything is clearly presented on loan documents. 

To add to that, you can also opt for the Flexi Hybrid variant to pay interest-only EMIs to manage cash flows better, make multiple withdrawals from the credit line and part-pay on the go at no charge. Select customers can also switch from a term loan to a Flexi Hybrid loan with no change in the interest rate. 

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