Seven Reasons to Avail Online Personal Loan to Manage Cash Crunch

Business Financing

Updated on Oct 31, 2020

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Do you need some urgent money? Have you been recently struck by a medical emergency? Is an upcoming marriage in the family bothering you?
You can manage all your cash crunches by applying for an online personal loan
Personal loan online facilities can give you up to Rs.25 lakh as per lender’s personal loan eligibility criteria.
If you want to know how a personal loan online can help you in dealing with immediate cash crunches, then you should go through this quick post. Read on!
Reasons to rely on personal loans to tackle cash crunches
Higher loan amount
As per the personal loan eligibility criteria of a lender, you can get up to Rs.25 lakh to fund your multiple needs without restrictions on the usage. As long as you can repay the loan, there is nothing to worry about.
Flexi loan feature to save up to 45% on EMI payments
When you avail online personal loans, you don’t have to worry about paying the EMI amount on the entire loan amount and hurt your finances. Online lenders let you enjoy the flexi loan facility to withdraw an amount out of your limit as many times as per your needs. You only need to pay the interest on the utilized loan amount as the loan EMI and nothing else. The rest of the loan money can be settled after the completion of the loan tenor. This way, you can easily save up to 45% on the EMI payments.
5 minutes approval
Based on your loan eligibility and financial profile, you can submit an online loan application form and get the loan approval within 5 minutes.
Money in your bank in 24 hours
After receiving the loan approval, you can get the loan amount into your bank account within 24 hours.
Flexible loan repayment tenor
Leading online banks and non-banking finance companies (NBFCs) also let you enjoy the facility of repaying the loan over a flexible tenor. You can get a loan tenor ranging between 1-5 years to spread the loan cost and pay lower EMIs as per your eligibility.
Collateral free
A personal loan is an unsecured financial service which means it is given as per your creditworthiness and requires no collateral like a home loan. As a result, personal loan interest rates are higher to cover the risk of possible defaults. But, you can get a low interest rate on a personal loan by having a robust CIBIL Score, repayment and employment history.
Online loan access
You can also track the details and progress of your personal loans online by accessing all via the digital customer portals of lenders. This way, you can track the loan details 24/7 and right from anywhere.
You are now well-versed with the reasons that make a personal loan a great financial tool to manage all immediate cash crunches. If you are ready, you can apply for a personal loan online!
Bajaj Finserv presents some pre-approved deals on online personal loans, home loans, credit cards, business loans, EMI finance and beyond. It can simplify your overall loan formalities to make it less time-consuming for you.
You can share a few of your basic information like your name and contact number to check out your pre-approved loan offers today.
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