Pros And Cons Of Instant Personal Loan In Gurgaon

 

According to RBI’s February report, personal loans accounted for 28% of the financial sector's total credit offerings in 2020. This credit form's popularity among borrowers can be attributed to the features like quick disbursal and affordable personal loan interest rates.

Gurgoan, a significant satellite city, is booming with job prospects and comfortable living elements. However, the residents need to spend a part of their savings to deal with the surviving costs.

When facing such financial distress, a personal loan in Gurgoan can act as one’s saviour. However, a loan applicant must be aware of the credit form's pros and cons to avoid incurring debt in future.

What are the benefits of availing a personal loan in Gurgaon?

Here are some of the personal loan features and benefits that make it worthy of an applicant’s attention.

• Versatility 

A personal loan is regarded as the best credit form to support a borrower’s financial need. Unlike the rigid loan variants, a personal loan offers flexibility on the spending limit. A borrower can use the funds to meet big-ticket expenses like purchasing assets, paying medical bills, refurbishing a house, foreign trips, etc. 

• Satisfactory credit quantum 

Individuals can receive substantial funds by availing of a personal loan from preferred lenders. Since there is no rigidity like limit constraints on loan quantum, the amount sanctioned can vary according to a lender’s policy and a borrower’s credibility. In this regard, selecting a reliable financial institution becomes crucial.

For instance, one can check NBFCs like Bajaj Finserv that offer up to Rs.25 lakh as a personal loan. They also provide pre-approved offers that make the application process quite convenient. This feature is available on select financial products like business loans, credit cards, personal loans, etc. Check your pre-approved offer by entering a name and contact number.

• Quick disbursal

This instant loan in Gurgaon can be availed within a short time due to its easy eligibility and documentation. This feature makes it a perfect credit variant for borrowers needing emergency funds. If the correct documents are submitted, the loan amount can be disbursed within 24 hours.

• No collateral necessary 

Personal loans are unsecured loan, meaning borrowers do not need to pledge an asset to lenders when availing of such funds. Thus, it is the perfect solution for individuals who do not own any valuable property to collateralise against a loan.

• Straightforward documentation 

Availability of a personal loan in Gurgaon is again convenient since it requires the submission of minimal documents. Potential borrowers have to submit papers like KYC documents, salary slips of two months, employee id card and account statements. Knowing the important documents required while applying for a personal loan helps in quick processing and disbursal. 

• Flexible tenor 

The repayment tenor of a personal loan is borrower-friendly. The tenor can extend up to 60 months which is sufficient for clearing the outstanding dues. This also initiates better saving ways and reduces the burden of interest repayment.

However, one of the biggest challenges to availing such loans is their stringent eligibility parameters. Lenders tend to match an applicant’s eligibility strictly before sanctioning or rejecting such credit requests. Due to the absence of collateral, the risk for the lender is higher in the case of these unsecured debts when compared to secured financial products.

A personal loan in Gurgaon can be a brilliant funding option to overcome emergencies. However, a smart borrower must consider both the credit form's pros and cons before landing on a decision. This would again make the best use of the funds sanctioned.