Why should you avail personal loan from Finserv MARKETS?

 

For most of us, financial needs are never-ending. Ranging from spending for pleasure to expenses in case of an emergency. It could be that pending home renovation, a much-needed vacation, or the urge to pamper yourself by buying the latest gadget. All these situations could need funds that might not be readily available. On the other hand, there could also be unpredictable scenarios like emergency medical expenses that suddenly come up. A personal loan could be a solution in all such situations.

Because of the flexibility and convenience these loans offer, their popularity is rising in India and they now make up over 28 per cent of the total bank credit. Moreover, these loans are also popular with young borrowers, especially millennials. According to a report by credit bureau CRIF High Mark, the demand for personal loans is mainly driven by those in the age group of 18-30 years, with their share in the total number of personal loans increasing from 27 per cent to 41 per cent over the last two years. The disruption due to the Covid-19 pandemic has also fueled the demand for personal loans that are available via an easy online-only application process.

What are personal loans?

A personal loan is an unsecured loan from a bank or any other financial institution. The USP of a personal loan is that it does not have a pre-defined or restricted end-use. For instance, a car loan can only be used for purchasing a car, or a home loan can only finance a home purchase, but a personal loan can be used for any purpose. Just like any other loan, the money that you borrow could be paid back over a fixed period in equated monthly installments (EMIs). Typically, personal loans are unsecured, meaning that you do not need to offer a collateral to the financial institution to avail that loan.

When do personal loans make sense for you?

Other than the instances highlighted above, there could be several different situations when a personal loan could be a good option for you. For example, you may find yourself in a situation where you need to shift your residence from one city to another. The moving costs can be huge and you may not want to dip into your investments to pay for that. A personal loan can come in handy in such a situation. That way, your investments can keep growing and you can also have cash easily available to pay for the move. You can then pay the loan back in easy installments. Similarly, you can also use personal loans to pay for higher education or to cover wedding expenses for yourself or your loved ones.

Another common situation where a personal loan is used is for debt consolidation. This is when you have multiple outstanding high-interest loans and you want to consolidate them into a single loan with a relatively lower interest rate. This way, not only the interest that you pay on all those loans is reduced -- as personal loan interest rates are lower than credit card interest rates -- it is also easier to manage your debt because now you only have to keep track of one loan instead of multiple ones.

Why choose Finserv MARKETS?

If you are planning to avail a personal loan, finding the right service-provider that understands your needs and offers a solution keeping your situation in consideration becomes critical. Finserv MARKETS, which is an online marketplace for financial services and products and offers a variety of personal loans from leading financial institutions.

Decision-making becomes easier for you because this platform enables you to compare different personal loans on important parameters like interest rates and processing fees from the comfort of your home. Moreover, personal loans up to Rs 25 lakhs availed through Finserv MARKETS do not need any collateral. What most borrowers like about this platform is that loan processing and disbursal is hassle-free and quick.

At present, Finserv MARKETS offers Personal Loans from a range of partners with interest rates starting at as low as 10 per cent per annum. You can get a loan from leading financial institutions like Bajaj Finance, Fullerton India and Paysense with flexible loan tenures of one year to five years.

There are also unique offerings like the Hybrid Flexi Personal Loan, where a loan amount gets sanctioned to you, but you can avail the loan amount as per your need. Moreover, you can choose to repay only the interest component of the loan in the initial period of the tenure.

If you are wondering how you can apply for a personal loan at Finserv MARKETS, it is a very simple process which involves just a few steps.

Step 1: Use the personal loan EMI calculator available online on Finserv MARKETS to compute your EMI based on your funding requirements.

Step 2: Fill the online application form

Step 3: Choose the loan amount and tenure

Step 4: Upload documents for verification

Step 5: The personal loan amount will be credited to your bank account once the KYC details and eligibility are verified

Other than just taking a loan, the Finserv MARKETS platform also offers various tools and resources to you that can help with your financial planning needs. The Financial Health Check Report, for instance, provides you with a holistic view of your financial health i.e. credit score in one place.

All of this, and much more can be done on the Finserv MARKETS website and Finserv MARKETS App. At a time when we are all looking for online processes to reduce unnecessary physical contact, you can get a personal loan right from the comfort of your home in just a few easy steps. So what are you waiting for? Log on to Finserv MARKETS and check your eligibility today!