A personal loan is a credit option, which is unsecured in nature, meaning one does not require providing any security or collateral to the lender to borrow funds. Another benefit of availing personal loans is that they come with zero restrictions on their usage of loan proceeds. It means that borrowers of personal loans can use their proceeds for meeting any of their personal requirements like expenses related to home renovation, travel abroad, wards’ higher education cost, medical expenses etc. However, remember that the proceeds of a personal loan cannot be used for meeting any speculative purpose.
Note that personal loans interest rates usually come at higher than other credit options. Their rates can go up to 24% p.a owing to their unsecured nature. However, financial institutions and banks can lend personal loans to those with excellent credit scores of 750 and above at a lower rate of interest of as low as 8.90% p.a.
Long gone are days when taking up personal loans was a lengthy affair. Delayed loan disbursals clubbed with loads of documentation and verification procedures, all of them made availing of personal loans a painful venture for those in need of instant loans to meet financial emergencies or monetary shortfalls. However, the development of technology has allowed the banking sectors to adopt such changes to speed up their loan processing time. Now individuals with excellent credit profiles and good credit history are offered the option of pre-approved personal loans. Pre Approved personal loans are those, which are disbursed within the same day of submitting the loan application. With this option now, loan applicants do not require to visit online lending marketplaces to avail of regular personal loans when they are in immediate need of a loan in the event of an emergency. Note that regular personal loans are usually disbursed within 1 week of submitting the loan application, and it involves the provision of various documents, which are not required in the case of pre-approved personal loans.
Indiabull is one of those lenders who have come up with the facility of instant Indiabull personal loan offers. Instant Dhani personal loans assist their customers in meeting instant fund requirements by disbursing loan proceeds instantly. Their loan proceeds come with no restriction on end usage, except if used for any speculative reason.
Note that Indiabull personal loan is one of the popular personal loan providers prevalent in the market today. Listed below are the top advantages of availing instant Indiabull personal loan:
* Instant disbursal of loan proceeds on the same day of loan application
Since the introduction of banking, the personal loan application procedure has always stood a lengthy procedure followed by extreme tension, stress and time consumption. For this, the best solution is an instant Indiabull personal loan. You just require filling up the needed details in the Indiabull app, and your loan will get processed, approved and then disbursed in your savings bank account on the same day of a loan application. With an Indiabull personal loan, you can get instant disbursals of loan proceeds of between Rs 1,000 and Rs 15 lakh.
* Entirely digital application process for a loan on Indiabull app
Long gone are the days when you had to queue up at NBFCs and bank branches with loads of documents for personal loan applications. With instant Indiabull personal loan, the whole procedure is online on their app. From loan application to verification of documents and also loan disbursal – all are performed online, which makes it a hassle-free procedure. Indiabull personal loan is at ease owing to their exceedingly simple & hassle-free documentation procedure as no physical document submission is needed for personal loan application. This means anyone can apply for this loan at any time through the Indiabull personal loan app or website.
* Zero collateral or security needed
Being unsecured in nature, loan proceeds of personal loans do not need any collateral or security. Individuals in instant need of funds or those facing fund mismatches to meet their personal obligations can opt for an instant Indiabull personal loan. However, note that owing to their unsecured nature, lenders like Indiabull place a higher emphasis on the applicant’s credit score when evaluating their personal loan application. Applicants with poor credit scores are either denied loan applications or approved at a relatively higher interest rate to make up for the higher credit risk involved. Interest rates of Indiabull personal loans usually begin from 13.99% p.a onwards.
As needs for a personal loan are usually unannounced in nature and can hit any time thus, checking your credit score right before applying for a personal loan may not be very helpful. This is because building a good score takes a lot of time and patience. Periodically checking your score and taking apt measures for improving it in case of any fall in the score is an appropriate way to keep up a good credit score. A score of 750 and above is often viewed as a good score. For maintaining this score, ensure to periodically check your credit report by fetching it directly from credit bureaus or online lending platforms.
* Can use personal loan proceeds basis your requirement for any purpose
Personal loans availed through the Indiabull personal loan app or site can be used for meeting any financial requirement such as the purchase of a car, plan a holiday abroad, fund a child’s higher education or unexpected medical expenses. Not only these, one can even use the loan proceeds for home renovation or for consolidating their multiple debts. May it be any purpose leaving speculative reason, a personal loan through Indiabulls has got you entirely covered.
The absence of end usage restriction of loan proceeds makes personal loans an alternative to loan against credit cards for dealing with immediate financial shortfalls or emergencies. While personal loan’s rates are usually lower than loans against credit card’s rates for those with the same credit profile, one should always compare both the credit options before making a final choice.
* Flexible tenures for loan repayments and high loan amount
Indiabull personal loan customers can enjoy benefits such as high loan disbursals of up to ₹ 15 lakh with a flexible repayment tenure ranging between 3 and 24 months. However, note that as Indiabull personal loans are fixed-rate credit options, their prepayments attract a penalty of 5% on the prepaid amount.