8 Must Know Personal Loan Benefits
Personal loans are unsecured loans that do not require collateral. Only in a personal loan, there is no restriction on end-usage. This article lists the top 8 benefits of a personal loan, how to apply for a personal/cash loan and things to keep in mind before applying for a personal loan.
Read on to know the top benefits of personal loan.
Top Benefits of Personal Loans
Following are some of the top benefits of personal loans.
1. Instant Disbursal
The personal loan amount will be disbursed instantly to your bank account within a few minutes of its approval.
2. Loans of Rs. 20 Lakh or More
Get big ticket loans of Rs.20 lakh or more with minimal documents.
3. No Collateral Required
Personal loans are unsecured loans, meaning you do not have to pledge any collateral or guarantor to avail of the loan.
4. Minimal Documentation
Unlike home loans, you are not required to submit a handful of documents to get a personal loan approved.
5. Easy Eligibility Criteria
It’s not too difficult to avail of a personal loan. The eligibility criteria are less stringent than secured loans like home loan and car loan.
6. Flexible EMI Tenure
Personal loans usually come with a repayment tenure of 6 to 7 years. Choose your loan EMI tenure at your convenience.
7. Competitive Interest Rates
Personal loan interest rates are lower than other lines of credit like payday loans and credit cards. However, interest rates could vary from lender to lender and depend on the customer’s credit profile.
8. No Restriction on End Usage
Personal loans have no end-use restrictions, meaning you can use the loan amount to fund any urgent requirement.
Why miss out on such benefits? Get an instant Personal loan up to Rs.20 lakh in a 100% paperless manner with Navi. Minimal documents required – you will only need your PAN card to get a loan from Navi. The entire process – from application to loan disbursal takes less than 20 minutes. Download the Navi app today and get an instant cash loan disbursed to your account within minutes!
Personal Loan Details
| Loan Amount | Up to ₹20 Lakh |
| Interest Rate | 9.9% to 45% p.a |
| Foreclosure Fee | Nil |
| Tenure | Up to 72 months |
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Is there Tax Benefit on Personal Loan?
No, personal loans don’t come with tax benefits. Also, since a personal loan amount is not a part of your salary structure or monthly income, you won’t be able to file income tax returns on the same. However, if you take a loan from your family member or relative, it could be considered as a part of your income. That way, the loan amount would be taxed.
Reasons for Availing of Personal Loans
You can take a personal loan for any urgent financial requirement, including but not limited to the following:
- Wedding Expenses: You can take a personal loan for marriage to finance your wedding.
- Medical Emergencies: Pay off medical or hospital bills during times of emergency by taking an instant personal loan
- Rent Payment: In case you need to pay rent but don’t have cash in hand, you can opt for a personal loan.
- School/College Fee Payments: Pay your child’s school or college fees by taking a personal loan.
- Travel and Shopping: Have the urgency to shop but short on cash? Get an instant personal loan and shop stress-free.
- Renovating a Home: You can also take a personal loan to make quick fixes to your house, like setting up the guest room, remodelling the kitchen, etc.
- Down Payment of Vehicle: Planning to buy a car or bike? Make easy down payments with a personal loan.
The best thing about personal loan is that it doesn’t come with any en-use restrictions.
Here are the advantages of availing of personal loans from Navi:
- Paperless Procedure: Forget heavy paperwork. Avail of a cash loan with your Aadhaar or PAN card.
- Instant Loan Disbursed: Get loan disbursed directly to your account instantly.
- 100% Paperless Process: Entire app-based process with zero human intervention.
- Minimal Documents Required: All you need is your PAN card to apply for a loan.
- Flexible EMI Options: Repayment tenure of up to 72 months for your convenience.
- Competitive Interest Rates: Enjoy low interest rates starting from 9.9% p.a.
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Final Word
If you are in need of instant cash to meet any financial requirement, you can apply for a cash loan with Navi for instant disbursal. In a few simple steps, you can find out your EMIs and enjoy the benefits of a personal loan with flexible tenure. Just provide your Aadhaar or PAN details to avail of a cash loan. Download the Navi App and get a cash loan now!
FAQs
Ans: Personal loans can really be of great use in cases of emergencies when you have a wedding to finance, a large home project, or any other need for quick money. So, maintaining a good credit score will you a personal loan at very good interest rates.
Ans: Personal loans can be used for any purpose such as a wedding, home renovation, trips and more. Personal loans are usually not secured by collateral and can be less expensive than credit cards.
Ans: You can get a Navi Personal Loan up to Rs.5 lakh if you’re salaried or self-employed. However, the final loan amount is at the sole discretion of Navi. For more information download the Navi app to check your eligibility.
Ans: Personal loan interest rates usually start from 18% and go up 30%. The loan amount starts from Rs. 5000 and goes up to Rs. 500,000, depending on the credit profile of the applicant.
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