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Tata Capital > Blog > Personal Use Loan > Top Reasons Why Personal Loan Demand is Increasing Year by Year

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Top Reasons Why Personal Loan Demand is Increasing Year by Year

Top Reasons Why Personal Loan Demand is Increasing Year by Year

Personal loan are one of the few financial avenues that award quick access to substantial funds for multiple purposes. You can avail of one for travelling, higher education, medical expenses, and more. This is perhaps one of the reasons behind their soaring popularity.

But, there’s more! If you’re wondering whether applying for personal finance is worth it, consider the following points that have made this financial avenue a hot-favourite of countless borrowers.

No collateral required

Personal loans’ demand stems from the fact that it is unsecured. Meaning, you don’t have to pledge any collateral or guarantee to avail one. Mortgaging typical collaterals like property or savings can often create stress, but not when you’re applying for personal credit or loan.

The primary parameter lenders are interested in before approving personal finance is your credit or CIBIL score. A healthy score proves your creditworthiness and repayment capability, thus helping you secure personal finance. You can build a healthy credit score by repaying your credit card bills or ongoing loan EMIs on time.

Additional Read – Reasons Why Unsecured Personal Loans Are Popular

Low personal loan interest rates

While it’s true that the pandemic has reduced economic activity globally, it has also brought some good news for potential borrowers in terms of loan ROIs.

Personal finance interest rates are more affordable today than they were a couple of years ago. Therefore, now is the best time to apply for one. Affordable interest rates mean you will end up paying EMIs more comfortably.

Open-ended usage 

Your lending institution does not need to know the exact reason behind availing of personal finance. Simply put, you can take this loan to fulfil any expense ranging from funding a wedding to travelling the world to renovating your home.

As long as you have a decent credit score and can match other personal loan eligibility criteria put forth by your lending institution, you can avail of personal finance hassle-free.

Online application possible

Another reason behind the popularity of personal finance is that you can apply for it online, that too, with minimal documentation. All you need to do is visit your lender’s website, fill out a digital application form, submit document soft copies, wait for approval, and voila, you’re done!

But, to make this happen, you need a lending institution that offers a seamless digital experience. If your present lender has a glitch-prone web portal, we recommend you switch to another lending institution before applying for personal finance.

Additional Read – Tips to Improve Personal Loan Application

Over to you

Given how accessible and affordable personal finance is, you no longer need to postpone your needs and wants.

What you do, however, need is to turn to one of India’s most reliable lending institutions – Tata Capital and start your online application for personal finance. We offer loans at affordable ROIs, flexible tenures, and minimal documentation.

So, what are you waiting for? Check our eligibility criteria, calculate your potential EMIs using our online personal loan EMI calculator, and apply today!

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