What Makes a Personal Loan So Popular?

Gone are the days when Personal Loans were only meant for a select few. Today securing an unsecured loan is much easier than before. A simple Online Personal Loan Application can get you the desired amount of credit almost instantly. Before the advent of technology, one had to wait to physically submit an application with the lending institute along with a number of procedures to follow through. Who knew that getting a Personal Loan would be as easy as a click of a button!

What are the core reasons that make Personal Loans so popular?

Here’s the answer: 

Unsecured Loans

Personal Loan is an unsecured loan. This means it does not require you to provide an asset as security in order to avail one. If you need fast cash, you can apply for instant Personal Loan from banks as well as NBFCs.

Ready Availability

It is easy to secure a Personal Loan today. With multiple banks and financial institutions offering loans at lucrative interest rates, it is readily available for anyone who has a regular income source. Fill an online Personal Loan application through online lending marketplaces like MyMoneyMantra, and you become eligible to get a loan sanctioned within a few hours.

Easy Instalments

This is probably the best reason to secure a Personal Loan. The easy monthly instalment option allows you to disburse your loan in small amounts. You can opt for electronic clearance from your bank to reduce the loan amount every month. With easy payment options, you are not stressed to pay up the entire amount at one go. Based on your repayment capacity you can opt for prepayment of loan and boost the credit score. A good score eventually ensures hassle-free loans in future.

Interest Rate

It is best to discuss the loan amount and interest rates with your banker before applying for one. Before you fill an online Personal Loan application, it is better to read the concerned documents or consult different banks to secure the lowest interest rate. Currently personal Loans are offered at as low as 10.99% rate of interest.

Great Finance Option

Personal Loans are great to finance short-term projects. They can literally be used for anything under the sun; from paying off old debts, to purchasing new furniture, securing electronic items, paying Credit Card bills, refurbishing a car, planning a holiday, and so on. You do not need to specify reasons to secure this loan.

Emergency

You may be on the brink of bankruptcy or you may want to start a business on the side. Whatever your aspirations and concerns, securing a Personal Loan may help you deal with all these stresses easily. It is an emergency fund that can be accessed when needed.

Also Read: Can I Get a Personal Loan if I Have an Existing Home 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 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.