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5 Personal Loan Benefits You Must Know Before Applying

Published on Apr 2, 2020Updated on Nov 24, 2022

5 Personal Loan Benefits You Must Know Before Applying

In our fast-paced and sometimes hectic lives, we rarely get the opportunity to make our little dreams and aspirations come true. However, the thought still lingers. For example, you may have had a lifelong dream to travel abroad on a dream vacation with your family. However, time and financial constraints force us to let our dreams take a backseat. At other times, we need quick funding so we don’t miss out on a  great opportunity or to meet obligations on time in order to maintain our credibility.

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This is where personal loans come to the rescue. Personal loans are unsecured loans procured for a variety of needs like going on a trip to an exotic location, organising a grand wedding, upgrading the look of your home through renovation or meeting unforeseeable medical emergencies.

However, you may be hesitant to take this decision due to various reasons. Given below is a list of personal loan benefits. If you feel that there are the kind of benefits you are looking for while choosing a financial instrument, then you can go ahead with your application.

1. Hassle-free Documentation

While applying for a personal loan online, documentation is completely digital. The minimal documents that are requested can easily be uploaded along with your application online without too many hassles. This makes the process completely paperless. In addition to this, some lenders also provide the facility of the doorstep document collection.

The documents required are proof of age, proof of residence, proof of stable income, credit history, bank account information, etc.  The purpose here is to validate the information provided by you and ensure that all the information provided is authentic.

Personal loan documents can include:

  • A complete loan application form
  • A valid proof of identity which can be your voter ID card, driving license, PAN card or passport copy
  • Any proof of address which can include a copy of your passport, rental agreement, telephone or electricity bill, ration card, bank passbook or statement, driving license.
  • Age proof which can include documents such as the passport, PAN card, or a certificate from a statutory authority.
  • Form 16
  • Income Tax Returns
  • Salary slips (for salaried) or income statements (for self-employed)

At Fullerton India, we strive to ensure a smooth, convenient process to help our customers complete their online application without any unsavoury hiccups or discrepancies.

Must Read: Minimum CIBIL Score Required for Personal Loan

2. Simple Online Process

Gone are the days when you must visit a lender at their branch personally. Gone are the days when you must stand in interminable, long braided, slowly moving, serpentine queues.

Now you can simply apply for a personal loan online at the convenience of your computer, laptop, mobile or through an app on your mobile. You can also upload the soft copies of documents online to validate the information provided. At Fullerton India, we also offer doorstep documentation services, where a representative will meet you at a convenient, predetermined time and location to check the documents, click images of the documents or even make photocopies of them as required.

The process to apply for personal loans is becoming increasingly streamlined, simple and straightforward. If at any time during the process, you face any issues or have any queries, you can always call the lender at their customer care centre. A representative will be happy to respond to your queries and assist you in the completion of the loan application form.

At Fullerton India, we care about our customers and respect your requirements. Thus, no matter how small or big your query is, you can always reach out to us at our customer care centre. Our team will gladly respond to your queries and will ensure that you complete the process efficiently and effectively. Normally, assuming you have all the documents required, the application for personal loans can be completed and filled within a mere 30 minutes.

3. Quick Disbursal of Funds

At Fullerton India, we understand your urgency for the funds required to meet financial obligations and/or capitalise on accidental, serendipitous financial opportunities. We understand the indelible stain on reputation or goodwill to meet financial obligations on time or the cost of missed opportunities while painstakingly waiting for funds. Hence, our process ensures that the funds are disbursed to your account within 30 minutes* of verification and loan approval.

You can start by checking your eligibility of loan approval and possible EMIs with the assistance of the personal loan eligibility calculator.

4. Customized Plans

Instant personal loans are versatile and can be customised for a host of needs like home renovation, travel, wedding and medical emergencies. Personal loans can be customised in terms of interest rates, repayment schedules and tenures based on the specific needs and paying capacity of the borrower.

Many lenders, including Fullerton India,  have clear, demarcated product offerings like Home Renovation loan, Wedding loan, Medical Emergencies loans, etc. designed exclusively for the concerned need, after taking into consideration the unique role and purpose of the funds in fulfilling the particular need. Also, loans are provided at various interest rates based on the quantum of the loan, tenure and extensive assessment of the borrower’s credit history.

Personal loans have flexible tenures and repayment schedules that the borrower can pick and choose from.” One size fits all” rule doesn’t apply to personal loans. Here the loan caters to fulfil every dream, every need and every objective customised just for you.

Must Read: Personal Loan for Low CIBIL Score

5. Collateral Not Required

In most cases, personal loans are unsecured loans. Hence, there is no requirement to post any collateral as security in the event of default or non-payment of dues. Hence, this feature makes personal loans accessible to anyone who is currently employed and has a sound credit history.

Hence, one can see the obvious personal loan benefits as it is the surefire way to meet any financial need or objective. There is a personal loan for every need, desire, wish, objective and dream. The important task is to undertake careful investigation and extensive research to select the personal loan most suited to you.

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*Terms and Conditions apply. Loans are disbursed at the discretion of Fullerton India.

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