With an increase in incomes, changing lifestyles, and changing attitudes towards loans, a personal loan in India has become a very common feature today. The reasons to borrow may vary, but the attitude towards borrowing has definitely seen a shift.
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Why are Indians taking more personal loans?
The reasons are many.
- The increasing competition between banks and numerous NBFCs (Non Banking Financial Institutions) has led to better services and better benefits.
- It has become much easier to apply for a personal loan as you can do so with just a few clicks.
- EMI payments and tenures have become flexible.
- The credit score system has made it easier for lenders to approve loans faster.
- The documentation required is minimal and documentation process is swifter.
- There is a notable increase in financial awareness leading to more people being open to the idea of taking loans.
What are Indians taking personal loans for?
Right from a medical emergency to travel expenses, Indians are now open to taking a loan for a variety of purposes. Here are the top 5 reasons why people are taking a personal loan in India.
The big fat Indian wedding requires a big fat purse to deal with the numerous expenses. It is the most special event in your life and it only makes sense that you’d want it to be grand and memorable. If it takes a loan to make it happen, then why shy away from taking one? There are expenses like venue, food, jewellery, costumes, staying arrangements, gifts, etc. to deal with. You want it to be perfect and it should be. Thanks to the various choices for a personal loan in India, you can now dream of a luxurious wedding and fulfil it as well.
There has been a 55% increase in the number of youngsters opting for travel loans. Travelling has become important to get away from the stress and routine of modern working-class life. Today’s youth is very open to spending on experiences. They would not hesitate to apply for personal loans if that’s what it takes. There are even customized travel loans offered by lenders.
Are you one of those spontaneous planners who like the adventure of going on sudden trips? You need not worry about finances in such a case, with the personal loan available online, you can avail loan amounts of up to Rs. 25 lakhs with minimal documentation and zero collateral required. What’s more, you can have the amount disbursed into your bank within 24 hours. Tick off your travel bucket list with a personal loan.
All hospitals and all medical conditions might not be covered by your health insurance. There are unforeseeable situations in life when you might need to apply for a personal loan. At such a time, you need to take care of the patient and your family without having to worry about finance. Easy availability of personal loans has made such situations a lot less stressful.
If you have multiple other loans, along with multiple credit card bills to take care, keeping track of payments becomes difficult. You might miss a date, for example. If you just take one loan to pay off all of it, you now have to manage only one repayment. It thus makes complete sense to take this measure in an unmitigated situation of debt repayment.
Home is truly where the heart is, and it is natural that you would want your home to be in perfect condition. Your home might need repairs, or even a change in the look and design. This could need more than just a few thousand rupees, and a personal loan can definitely come to your rescue at such a time.
Nowadays, the process has become so efficient and fullproof that you can even calculate your EMI before taking a loan with a personal loan EMI calculator on the lender’s website. If you think you can manage it, do not hesitate in going for a personal loan to fulfill your current financial needs and attain your future goals.