Game-changing Trends in the Personal Loan Market

FinTech has been a major buzzword of late. With constant upgradation in technology and several other factors, the finance sector has also evolved its products and offerings.  One of the biggest changes has been the rise in the number of personal loans. In 2018, there was a 26.9% increase in the number of such loans.

Whether it is your wedding, medical expenses, or even a much-needed vacation, Bajaj Finserv Personal Loan available on Finserv MARKETS is an option you ought to consider. It comes with convenient features like personalized pre-approved offers, instant approvals, and quick disbursals. What’s more, you can also flexibly choose your loan tenure and pay it back with ease. To know your exact EMI, use the personal loan EMI calculator on the Finserv MARKETS website.

If you are ready to take a personal loan in India, it would be worthy to note the following trends in this space that have taken off in the past few years.

Source: https://www.paisabazaar.com/personal-loan/top-10-reasons-why-you-should-apply-for-personal-loan/

Digitization of personal loans

Availing a personal loan does not need you to make trips to the bank anymore. You can apply for a personal loan and carry out the entire process online. This has made the end-to-end loan process much faster and more convenient. You can also access your loan account from anywhere, anytime, 24×7.

Faster approvals and processing

Because of the online process, application, approval, and disbursal of personal loan in India can all be completed within a day’s time. You could actually have the loan amount in your bank account within 24 hours and use it for any purpose you wish to.

Increased competition

Because of the entry of NBFCs (Non-Banking Financial Institutions) in the market, banks have been facing a lot of competition. This has resulted in a lot of competitive offers for customers like better interest rates, customized loans, flexible repayment modes, etc. The convenient online process has also helped borrowers a lot.

Flexible tenure and EMIs

Lenders are becoming more and more flexible with loan tenure and EMI amount for personal loan in India. You can repay a small loan in a short amount of time. For larger amounts, you can opt for a longer tenure. You can also increase or decrease your EMIs in certain cases. To know your exact EMI amount, you can use a personal loan EMI calculator.

Minimal documentation

Generally, all you require is an address proof, income proof, and an id proof. You need not submit anything more than this to apply for a personal loan.

In fact, you can avail a Bajaj Finserv Personal Loan available on Finserv MARKETS right now with these documents:

  • Aadhar Card/Passport/Driving License
  • PAN Card.
  • Bank Statement – Last 3 months

With complete transparency, all relevant details will be disclosed to you right from the beginning. You can calculate your EMIs yourself with the personal loan EMI calculator. This practically paperless and instant process will ensure your financial needs are met on time.

Rise in travel loans

There has been a significant 55% growth in personal loans for travel purposes. This is perhaps because millennials today want to spend on experiences more than things. Travelling has become easier and more alluring to them. As a result, some lenders have come up with specialized travel loans.

Credit score system

The credit score system has made the personal loan process for personal loan in India much less complicated. Agencies like CIBIL rate customers on their creditworthiness, which is taken into account for evaluating applications by lenders.

Increase in financial awareness

With all information available at their fingertips, customers are becoming more aware and open to personal loans. They do their research before making any transaction. They know exactly what they are getting into when they apply for a personal loan.

Debt repayment

There is an increasing trend of customers taking personal loans for paying off debts, repaying credit card bills, foreclosing other loans, etc. Personal loans offer a lot of flexibility and convenience through features like multiple repayment options.

To sum it up, technology and competition have largely driven developments in the personal loan category in recent times. How this market evolves further remains to be seen.

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