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Reasons to Opt for a Personal Loan to Finance your Big-Ticket Purchases
Posted on Wednesday, March 23rd, 2022 | By IndusInd Bank
One of the most popular types of loan is a personal loan. Taken out for reasons entirely personal to an individual, this is a type of unsecured loan which usually comes with simple eligibility criteria and an easy application process. Unlike a car or home loan that must be used for that specific purpose, a personal loan can be used for almost any reason, from a medical procedure to a long-dreamed-of vacation. If you have a big-ticket purchase in mind but simply do not have the requisite funds for it, a personal loan may well be your answer. Here are five reasons to opt for a personal loan for financing that big-ticket purchase.
1. Zero Risk to an Asset
A personal loan is granted on the basis of your credit score and history and does not involve the seizing of any form of collateral in case it is not repaid. This means, you can potentially get a large amount sanctioned without risking any of your assets, such as your home. All you need is a suitable profile and a satisfactory credit score – above 750 – to qualify.
2. Flexible End-Usage
Banks and lending institutions do not put end-use restrictions on personal loans. You are free to use your personal loan for any purpose you like and are not liable to answer the lender regarding where you spent the sanctioned funds, as long as you are regular and punctual in paying your EMIs. You may use it to fund home renovation or improvement, a destination wedding, moving costs, overseas education, a pricy gadget, or for more pressing needs such as a medical emergency or debt consolidation.
3. Easy Eligibility Criteria & Application Process
Fairly easy to bag with simple eligibility criteria and documentation, a personal loan is ideal for people in urgent need of funds for various purposes. Most top banks only assess basic criteria that include categories such as age, annual income, nature of employment, and credit score. Additionally, documentation typically involves just KYC details and income proof. Today, an instant personal loan entails a 100% paperless or digital application process in which a loan is approved and processed within minutes.
4. Flexible Repayment Terms
Since a personal loan is speedily disbursed, it helps in immediate fulfilment of your big-ticket expenses. Luckily, repaying a personal loan too is no Herculean task, what with top banks offering flexible loan tenures, commonly ranging from 1 to 5 years. This allows you to repay comfortably without having to fret over an unaffordable monthly installment. You may also use an online EMI calculator to evaluate your EMI options and pick one that suits your paying capacity and helps you save on interest.
5. Helpful in Boosting Credit Score
Taking out a personal loan – no matter what the purpose – helps improve one’s credit score. By making your EMI payments regularly and on time, you can build a favorable repayment history. Additionally, an unsecured personal loan adds diversity to your credit profile, evidencing your ability to handle different types of credit with responsibility. A combination of varying debt accounts along with a history of regular payments can greatly improve your credit score over time, giving you quicker and easier access to credit in the future.
The Indus Easy Credit Personal Loan is an excellent option for persons seeking an instant personal loan to fund their next big-ticket purchase. Beginning with a seamless 4-step online application process, the Indus Easy Credit Personal Loan comes with a string of features and benefits such as attractive personal loan interest rates, simple documentation, quick approvals & processing, and flexible loan repayment tenure. So, apply for the Indus Easy Credit Personal Loan and make your dream purchase today.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
