How Are Millennials Drawing Loans in 2018?

Updated on: 14 Dec 2021 // 23 min read // Personal Loans
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Whether young or old, we all have our own dreams and aspirations that we wish to fulfill in our lives, and most of the times, all our activities and actions are directed towards the accomplishment of those dreams and aspiration. As is the case with any desire that we have, fulfillment of the same requires money, and sometimes a lot of money, which might be beyond our means. Therefore, we motivate ourselves to work hard and dedicatedly towards the accomplishment of our deepest desires.

We save bit by bit, cut down on expenses and try to save enough money so that we can pursue our life goals. All this idea of working hard, savings by cutting down on expenses sounds very exciting and feasible,but in reality, it is not so easy. With the rate at which the general price levels are rising, if we depend solely on our savings to live the life on our terms, then that day may sadly never arrive,or if it does arrive, you might not have the similar enthusiasm, as you had when your journey started.

When there are other options to realise our dreams instantly, then why wait. Time to live is now, so go Get a Personal Loan and start living your dreams now.

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About Personal Loans

Personal Loans are unsecured loans that are offered by numerous financial institutions in India. As they are unsecured in nature, there is no need to provide collateral to secure the money. Personal Loans allow you to take care of any financial requirements that you have and there is no need to inform the lender regarding the use of money.

Being an unsecured offering, the rate of interest against Personal Loans is a little high as compared to secured loans, depending on the lender. The maximum repayment tenure that you can opt for is usually 60 months for amounts as high as 50 Lakhs.

With the increasing usage of the internet by people for each and every aspect of our lives, it is now possible to file a Personal Loan application using online channels. Online finance platforms such as MyMoneyMantra allow you to compare different loan products, their interest rates, repayment tenure, terms and conditions, and various other essential aspects. When you have every information at your hand, you can make an informed decision. After you have selected a particular Personal Loan offering, you can submit your Personal Loan Application Online. If your profile meets the guidelines specified by the lender, your application will be approved within a few minutes,and the amount would be disbursed to your account on the same day.

How are Millennials Drawing Loans in 2018?

Millennial is a term used to represent individuals who were born between 1980 and 1994, essentially the generation after Gen X and between the age of 18-35 years in 2018. Millennials form an integral part of the Indian society like India is a young nation with the highest percentage of youngsters in the total population.

A lot of millennials have completed their education and started working, with most of them being well established in their position. Millennials are known for their go-getter attitude,and unlike their predecessors, they do not like to wait to fulfill their dreams and aspirations. Therefore, they avail consumer credit and loans in a much higher percentage than people of any other age group.They are a big target group for the financial institutions, who offer new and unique products tailored specifically for the millennial generation.

Millennials are one of the most prolific users of technology and do not hesitate to allow technology to drive their way of life. It would, consequently, be exciting to see, how millennials are drawing loans in the modern-day technology-driven times.

  • Credit Cards

Credit Cards have always been a popular financial product as they allow easy access to credit for the user and are a form of an instant loan. Millennials are extensively using Credit Cards to take care of their payments online as well as pay their bills. Credit Cards are offered by numerous financial institutions and can be easily applied for online. Millennials use various online finance marketplaces to Apply for Credit Cards based on their requirements.

  • Personal Loans

Personal Loans are offered by various lenders and can be used by the borrower for any financial requirement, without informing the lender regarding the usage of money. Most financial institutions are now offering instant Personal Loans, which are approved and disbursed within a few hours. Millennials have taken up to Personal Loans like anything and are extensively using them to take care of their urgent financial requirements.

  • Instant Loans

Many online-only lenders (such as Shubh Loan) have not started offering instant loans of up to 5 Lakhs by just a few taps on the screen of the smartphone. There are no questions asked; one just needs to provide some basic KYC information and the amount is transferred to the account instantly. Millennials are using instant loans extensively to maintain their lifestyle.

  • Pay Day Loans

It is a relatively fresh concept in India, but there are many financial companies that are now offering short-term payday loans to their customers. The rate of interest charged is very high,and the maximum duration of the loan is 90 days. Millennials are using payday loans to take care of urgent financial expenses when they know that they will be receiving the money to repay the payday loan after a certain time.

As technology is rapidly changing the scenario of the finance industry, millennials are using it to draw different types of loans conveniently, without any need of leaving their home and court the loan officials to accept their application. They are now taking the reins of their finances in their own hands.

Also Read: Impact of Aadhar Card on Personal Loan

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.