For the last couple of years, individuals opting for personal loans have grown to 20.4% (1). In today’s world, the availability of liquid cash is scarce due to most individuals pooling their savings into investment instruments like mutual funds and real estate. Thus, when you are in urgent need of funds, you may be left scrambling for money. Offering a solution to such a situation, instant personal loans have gained popularity. Also called an insta loan, it is an unsecured loan that can be used for any of your personal reasons.
To get an instant personal loan online, you simply have to visit the lender’s website and apply for the loan. If you comply with the eligibility criteria, you can get a quick personal loan without putting up any collateral within minutes of applying.
Here are some of the top few reasons why one can opt for insta personal loans:
1. Medical emergencies
Medical emergencies usually arise unknowingly and paying medical bills requires a lot of money. According to a National Survey Report (NSO), nearly 90% of the Indian population does not have a health cover as of December 2019 (2). Even if you do have health insurance, there is a chance that it will not cover all your bills. In such a situation, an instant loan can save the day.
2. Consolidating your debt
If you want to bring a sense of financial stability in your life but you are obliged to pay for various EMIs at a time, you can simply take an instant personal loan to consolidate your debt. In this case, sum up the amount of your existing EMIs, the principal amount, and the interest. Once you apply for an instant personal loan online, you can repay all your existing loans and you will just have one loan EMI to take care of.
3. Financing a business venture
Most times, it is strenuous for startups to qualify for a business loan. Availing a quick personal loan will help you in such a situation. You may be in urgent need of working capital or need an upgrade to faulty machinery. With instant approval and disbursal of the loan amount being the chief features of an instant personal loan, you can now help your business stay on track and grow easily!
- Wedding expenses
Opting for an intimate destination wedding? Or going in for the big fat Indian wedding? Either way, the expenses are sure to be high. If you have set aside a small wedding corpus, you may find yourself falling short of that. In such a situation, a personal loan can help take care of such expenses, no matter how high. You don’t have to compromise on your dream wedding; you can pull all the stops with the help of a personal loan for wedding expenses.
5. Renovating
If your house needs urgent refurbishing, a quick personal loan can come to the rescue! If you want to refurbish your house or renovate your house premises, such a personal loan can help you do so without throwing caution to the wind. Increase the market value of your home with the help of an insta personal loan.
6. Traveling
Be it a planned vacation or a spontaneous trip, you can avail of an instant personal loan online to fund your travel goals! An insta travel loan can cover a whole host of travel expenses, including but not limited to your flight tickets, hotel bills, meals, entertainment, and more. You can spend the loan amount without any restrictions.
7. Purchasing a brand new vehicle
Having your own vehicle can be a sigh of relief. You don’t have to rely on delayed buses or squeeze into packed local trains. You can purchase your own vehicle, be it a two-wheeler or a car, to commute to and fro. A personal loan can provide you with the funds necessary to be able to do just that.
When you require immediate financial assistance, insta loans can come to your aid. With the Bajaj Finserv Personal Loan on Finserv MARKETS you can have your loans approved within 3 minutes and the funds transferred to your bank account within 24 hours. You also get the choice to select your own loan repayment tenure, ranging between 12-60 months, as per your financial convenience. Moreover, you can fulfill all your goals, no matter their cost with the high loan amounts (up to Rs. 25 lakhs) on Finserv MARKETS.