With digital technology enabling financial institutions, getting a personal loan has become easier than ever before. Nowadays, salaried professionals can rely on instant loans to cover urgent funding needs. Thanks to new-age lending institutions like Clix Capital, availing a personal loan has also become simpler. Potential borrowers can complete the application process online in the shortest span of time! They can go online, fill out the form, submit the documents, and fill out the online application in a few clicks.
Easy Application and Availability
The ease of application and easy availability gives consumers quick access to credit and without hassle. Unlike secured loans, where a borrower needs to put up collateral, there is no such hassle with a personal loan. As long as they meet the eligibility criteria, borrowers can get the loan approved in a matter of minutes. Once approved, the loan is disbursed to the applicant’s account instantly.
Tech-Driven Smart Lending and Borrowing
Clix Capital uses advanced technologies, including machine learning and AI to evaluate loan applications at a much faster pace than was possible with manual evaluations. The use of such technology has made the lending process smoother, faster and more efficient. A much welcome shift from the long drawn out paper-intensive processes that were in play until some time ago.
The Borrowers Know Best
In terms of borrowings, millennials and GenZ are the biggest consumers of personal loans. They are using these loans to live their lives to the fullest, in the now, and in the wow! Some use them for travel, and while others use them for higher education or to even pay for their weddings.
Making Loans Great Again
There are many reasons for the surge in instant personal loans. Lending institutions like Clix Capital are at the forefront of adapting to the dynamic financial landscape. They constantly revise their terms and conditions to ensure the access to loans remains open to everyone who meets the eligibility requirements. They are providing loans to people when they actually need them without wasting the time and effort on lengthy processes or stringent eligibility requirements. All these factors have enabled lending institutions to cater to the increased demand for instant personal loans.
The Results Are Inclusive
Instant personal loans in India have helped bring more people into the formal financial system, providing them with access to credit and other financial services that they may not have had access to before. This has helped to promote greater financial inclusion and has given people more control over their finances.
But what is the reason for this massive growth? Let us look at some of them:
Loan Stability
Millions of borrowers take advantage of unsecured personal loans. These loans are easier to borrow and repay. Moreover, with minimal requirements, borrowers are guaranteed to get a substantial amount of money despite having low credit scores. Personal loans are available for up to Rs 10 lakhs. They can be paid over 12-48 months. In addition, these loans have fixed annual percentage ratings that stay constant throughout the loaning period. The stability of these loans plays a crucial role in customer interests.
No Security Needed
During the festive season, most Indians opt for instant loans. While unorganised or private lending institutions charge higher interest rates, NFBCs offer low-interest personal loans without collateral. This feature makes personal loans the preferred choice of salaried professionals looking for instant funds. Smart applicants use a personal loan EMI calculator to calculate their EMI based on the preferred loan amount, interest rate and repayment tenure to choose the best loan plan.
Easy accessibility
A salaried professional working for at least a year and earning a minimum monthly salary of just Rs 20,000 can easily apply for a personal loan at a reasonable interest rate. The applicant can be as young as 21 years of age, and with a minimum credit score of 630: is eligible to apply for a personal loan online without hassles.
What’s Next?
The demand for instant personal loans is set to grow in India. With more young Indians joining the professional world, the need for instant funding is only slated to grow as youngsters don’t prefer to compromise on their wishes. With simpler application processes online, the young generation with smartphones have ready access to instant personal loans offered by modern lending institutions. Not just the application process,the approval and disbursal are instant too.
Conclusion
Stop thinking, start acting. Apply for an instant personal loan online with the best interest rates and minimal documentation to get funds straight into your account with no end-use restriction. Remember to use the personal loan EMI Calculator to determine a suitable EMI before applying.
Happy borrowing!
About the Author
Amaira Sharma is finance expert and former business growth strategist who has more than 8+ years experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses.
