A Personal Loan to Live Life Carefree

 

A Personal Loan to Live Life Carefree

As the pandemic situation is largely under control, it is time to live your life to the fullest. But what if the paucity of funds is an issue? Fret not, in this article we will discuss ways to avail instant personal loans. 

What are Personal Loans?

Personal loans, as the name suggests, are loans taken out by individuals for a variety of personal interests. These loans can be applied by both the salaried and the self-employed individuals. These loans are offered by various financial institutions and fintech companies. An eligible applicant can apply for an instant loan for multiple purposes, these includes:

  • Home Renovation
  • Medical emergencies
  • Vehicle loans
  • Travel expenses
  • Marriage expenses
  • Education expenses and more 

The personal loans are collateral-free and are taken for a short duration. Personal loans are an attractive option to the young generation because of several benefits like:

  • Flexible loan tenure
  • Competitive interest rates
  • Simple and easy to get loans
  • Minimal documentation
  • Instant loan amount disbursal
  • The loan amount can be used for multiple purposes and there is no restriction on using the sanctioned money
  • Interest is charged on the money used and not o the money approved. 

What Things To Consider Before Applying For a Personal loan?

Instant loan looks simple to avail, however, if the money sanctioned is not used judiciously, it can soon turn into a debt trap. Important facts to know before applying for an instant personal loan: 

Interest Rates

As the loans are unsecured the interest rates charged by financial institutions are high. It is important to check with different lenders before applying. However, the rates charged by lenders depend on various factors like age, credit score, income stability, and more. 

EMI

An applicant can select the EMI depending on the convenience and the tenure. One can use the EMI calculator to derive the amount to be paid in each installment. 

Processing fees

Lenders charge the applicant a processing fee to verify and process the loan application. It is a one-time payment and varies on different lenders 

Pre-payment fees

Some lenders penalize the borrowers for prepayment of the loan amount. It is necessary to check with lenders before getting the loan. 

What are the Eligibility Criteria to Apply for a Personal Loan?

The eligibility criteria to get an instant loan is given below.

  • Must be an Indian citizen
  • Available in Tier-I and Tier-II cities
  • An applicant must be between 18 years to 60 years of age and have a stable income source. 

What are the Documents Required to get Personal Loan?

  • Address Proof: Aadhar card, Rental agreement, Utility Bills (Electricity bill, Telephone bill, Water bill), Voter ID, Ration card
  • Identity Proof: PAN Card, Aadhar Card, Passport, or Driving license
  • Income Proof: Last Six months bank statements
  • Photos: Two passport-size photos 

How to Apply for a Personal Loan?

An applicant has to follow three simple steps to get the loan. 

Step 1: Check eligibility and fill the application form.

Step 2: Select the EMI using the EMI calculator, and submit the documents required for verification and loan processing.

Step 3: Once the application process is complete and the documents are verified, the loan amount is transferred to the account of the applicant in 2-3 working days. 

Summary

Personal loans are a secure way to cover all of life's unplanned expenses. It's an easy way to get needed funds in an emergency without depleting your savings, and with flexible repayment, the money can be returned with ease. 

Download the LazyPay app, get your credit limit and enjoy making those purchases like you never have !!!

 

 

Comments

  1. Badabro8 July 2021 at 22:14

    Very nice post. I appreciate you for sharing this wonderful post. Keep posting.
    Instant Personal Loans Online | Instant Loan for Students | Loans for Salaried Professionals

    ReplyDelete
  2. IndiaLends13 February 2023 at 23:48

    I completely agree! A personal loan can definitely help you live life carefree, whether it's for a much-needed vacation or unexpected expenses. Of course, it's important to be responsible with borrowing and make sure you can afford the repayments, but when used wisely, a personal loan can be a great way to enjoy life without financial stress.

    For more information visit to our official website:

    apply personal loan

    ReplyDelete

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