Personal Loan Benefits: Top Reasons To Avail Of One
Personal loans are unsecured loans granted to people with no requirement of collateral when there is a financial emergency. Personal loan benefits are most felt when borrowers need money for medical situations, school fee payments, credit for major purchases, etc., that one generally need not explain to the lender.
While personal loan benefits are many, people sometimes hesitate to avail of them because of the high-interest rates and the cumbersome application procedure. However, instant personal loans from Navi have the simplest application procedure and reasonable interest rates. One can download the Navi app from the Play Store, and get their personal loan benefits from their home.
Top 5 Benefits of Personal Loan
There are many advantages of personal loan that make it preferred over riskier credit avenues. Here are some of the top personal loan benefits:
No questions on loan use:
One can avail of personal loan for any reason and get instant cash loan.
Applying for an instant personal loan from Navi is the easiest way to get the loan approved within the same day.
Choice of Tenure & EMI:
One can set the tenure of loan repayment as per their own convenience. Accordingly, the EMI changes with longer tenures having lower EMI. You can find out by using the Navi EMI calculator.
Paying off higher debt:
Credit card debt carries a much higher interest rate, and hence, personal loan benefits the applicant in paying off this high-interest debt. Personal loans have lower interest rates.
No need of collateral:
Being unsecured loans, personal loans have no collateral requirement.
No personal equations soured:
By borrowing from a professional lender, there is no chance of souring relationships with friends and family with money issues.
Lower interest than informal moneylender:
Informal loan ‘sharks’ charge very high-interest rates and may even change the rate. Financial institutions like Navi offer fixed rates.
Where Are Personal Loans Spent
It’s advisable to avail of the benefits of personal loans only when you really need one. Indians commonly spend their personal loans at hospital billing, schools or colleges fee counters, shops, moneylender repayment, debt consolidation services, etc.
Purpose of Personal Loans
Common reasons for personal loans application by Indians are as follows:
- Wedding expenses
- Medical emergencies
- Rent payment
- School/College fee payments
- Travel & Shopping
- Furnishing a home
- Buying A Home or Remodeling
Why Should You Choose Navi to Get Your Personal Loan Benefits
Navi is trying to revolutionise the credit space in the fintech industry by using a technology-driven platform to provide easy access to credit. Here are the advantages of personal loans from Navi:
No need to submit any documents; your Aadhar, PAN and selfie are enough.
Instant Loan Approval:
The tech-driven platform uses AI and ML to approve the loan applications as quickly as the same day.
Single Destination for Loan Management:
The Navi app lets you see your loan schedule make payments pre-close etc., from the convenience of your home.
Flexible Tenure and EMI:
You can choose how long you want your loan tenure to be; whether 18 months or 60 months.
Dynamic Credit Assessment:
If you have low credit scores, that won’t be a constraint for a Navi personal loan. The platform goes beyond the CIBIL score in its alternative assessment methodology.
To be eligible for instant personal approval from Navi, you need to fulfil the following conditions:
- Age: The borrower must be aged between 18 and 65.
- Credit Score: A minimum credit score of 650 is needed to avail of a personal loan.
- Income: The borrower must have a minimum income level and this will depend largely on the loan amount requested.
Occupation: Borrowers may be salaried or self-employed, though that may vary the income threshold.
If you are in need of credit, whatever may be your reasons for a personal loan application, download the Navi app for instant disbursal. In a few simple steps, you can find out your EMI using the personal loan Calculator and fix your tenure. You can even avail of tax benefits on EMI payments if you can demonstrate that the purpose of personal loan is covered under the tax laws.