How has borrowing via a personal loan changed for the better?

ST Staff
Friday, 3 April 2020

With money in two clicks and 100 per cent online disbursals, instant personal loans are transforming the way we use money.

In today’s world, ease of access and speed of delivery are the primary essentials for any service you choose, whether it is food, technology, transportation, or anything else you can think of. This is true when it comes it financial offerings as well, especially with millennials taking a strong position in the market. 

In fact, India has the largest millennial population in the world, aged between 22 and 35 years. Research shows that this group is highly ambitious, tends to value experiences over assets, and does not shy away from choosing options that make their life more convenient. 

A study conducted in 2019 pointed out that millennials borrowed for both emergencies and aspirations. To keep up with the demand, the process to avail funding has drastically evolved. And that’s where personal finance options such as instant personal loans have emerged as a great way to allow for this change in behaviour. 

Today, getting a personal loan isn’t as complicated or as long-winding as it used to be a few years ago. With the fintech sector advancing as it has, leading lenders such as Bajaj Finserv have played a major role in simplifying loans and have even gone as far as to offer completely paperless approvals alongside 100 per cent online disbursal. Let’s understand how the world of borrowing using personal loans has evolved for better.

You can now apply in two clicks, no documents required
Thanks to the fact that you can apply for a personal loan online, you don’t have to worry about physically visiting a branch to fill out paperwork. You can simply open your lender’s website, complete your application and avail the financing you need. In fact, Bajaj Finserv even offers pre-approved personal loan to eligible customers. If you have an existing relationship with Bajaj Finserv, you can simply check your pre-approved personal loan offer in less than a minute – verify your details – and avail your money, all in just two clicks! And since your documents are already with the lender, you don’t need to submit them again!

Moreover, the digital revolution has ensured that you don’t even need to leave home to avail your money. Simply avail your financing at home – no need to visit a branch, no need to meet a representative or to even talk to anyone about your loan application. 

You can have your loan disbursed to your bank account instantly
With features like paperless approval, you can apply for a loan and get it now, without any delay. Traditionally, disbursal could take time as representatives needed to verify your personal loan eligibility basis the documents you have submitted. Now, as your documents are no longer required, you can get a loan by yourself, without intervention from your lender. Bajaj Finserv has an entirely online process that translates into you getting money in the bank in 20 minutes. 

You can get access to a high loan amount without collateral
To add to the benefit of near-instant disbursals is the fact that you get access to a high loan amount too. The money has no spending restrictions, and you can use it to fund any planned or unplanned needs. This is especially important today as you may need a significant amount of funding to meet various needs ranging from personal development to emergencies. 

Bajaj Finserv offers a large loan amount without needing security as collateral. You can use it to consolidate debt effectively, opt for an online course from a reputed institute, buy a new laptop to work from home or even finance a business venture. 

Further, there are no hidden charges, and so, you can apply as per your needs, without worrying about an inflated cost of borrowing. You can avail financing at attractive personal loan interest rates with EMIs starting Rs. 1104/lakh*.

You can manage your loan over flexible tenors and online personal loan calculators
Today you have easy access to specialised online tools that help you get the most out of borrowing. For instance, the online Personal Loan EMI Calculator allows you to borrow optimally, letting your plan for repayment beforehand and identify the right loan for you. Bajaj Finserv offers a flexible tenor ranging up to 60 months, and you can use the EMI calculator when availing an instant personal loan to align your EMIs to your monthly income.

Access pre-approved loan offers customised for you
If the internet made the journey from physical queues to online forms possible, pre-approved offers make it possible for you to get an instant loan without intervention from your lender’s representative. So, if you are looking to avail instant financing, check your online personal loan offer for a Bajaj Finserv Personal Loan and get the money you need, now!

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