Top 5 Reasons Why You Should Let Personal Loans Handle Those Big Purchases

Many individuals believe that they should save before buying to avoid debt. But it is not easy for everyone, especially those with limited monthly cash inflow, like salaried individuals. Then it may make sense for most of us to apply for an instant personal loan online to make big purchases.

You can use a personal loan for almost any purpose, including sudden expenses, debt consolidation, or large purchases. Therefore, rather than saving up over time for a much-needed big purchase, most individuals consider a personal loan and repay the borrowed amount in manageable installments. 

With the festive season just round the corner, benefit from Fullerton India’s special offers in 2022.  Eligible salaried borrowers can now avail a personal loan online of up to INR 25 lakhs and enjoy up to 0.5%* off on interest rates or processing fees! 

Why Personal Loans For Handling the Big Purchases?

Today, leading institutions like Fullerton India offer personal loans at affordable costs and flexible repayment tenures, online application process, minimal documentation, and  attractive interest rates.

 Let’s take a closer look at some key benefits of personal loans. 

1. Collateral Free Loans - Zero Risk to an Asset

An unsecured personal loan is a great financing tool for big purchases. . You can get a personal loan with a large amount without risking your assets. The lending institutions grant a personal loan based on your credit history and score. 

2. Get a Larger Sanction

You can conveniently apply for a personal loan to finance your big or small purchases. It can go as high as Rs.25 lakh. 

3. Easy Repayment Schedule

You can choose a loan tenure to repay the loan without worrying about an unaffordable monthly installment.  Reputed lenders like Fullerton India offer personal loans with flexible tenures, typically ranging from 12 to 60 months. To plan your repayment schedule, you can use an online EMI calculator and estimate your EMI over different tenures. 

4. Easy Eligibility Criteria

To meet the rising demand for personal loans, lending institutions have eased the eligibility criteria.  

• For any unsecured loan applicant, a good credit score and history is required, which can be maintained with responsible financial behavior. 
• Your age should be 21 years (when making a loan application) and less than 65 years (at loan maturity).
• The minimum income required for personal loan eligibility is Rs. 25,000 for residents of Mumbai & Delhi, and Rs. 20,000 per month for residents of other Indian cities. 

These are the indicative eligibility parameters that may vary from lender to lender. You can refer to the official website of renowned lending institutions to check their required eligibility criteria. Also, use the personal loan eligibility calculator and check the maximum personal loan amount you may be able to get. 

5. Faster Application and Disbursal Process

A personal loan is one of the most transparent and readily available loans in India. The online application process enables individuals to get instant loans for any emergency purpose. When you apply for a personal loan, you need not wait for days to get the required funds. A few leading lending institutions can disburse funds shortly after the final loan approval. You should know that the personal loan approval procedure is much faster on lenders' mobile applications. 

Personal loan interest rates are lower than most other unsecured loan products such as credit cards or salary advance loans. At Fullerton India, personal loan interest rates start from 11.99%* per annum only.

Thus, when used prudently, a personal loan brings several notable benefits. One can repay the loan without putting excessive strain on their monthly budget, making it an excellent option for individuals seeking an instant personal loan online to fund their big-ticket purchases. 

Here’s wishing you a Happy, Joyous and Safe Diwali!

*Terms and Conditions apply. Final terms of the personal loan including interest rate will depend on a number of factors including Fullerton India’s policy at the time of loan application.

**Terms and Conditions apply. Loans are disbursed at the discretion of Fullerton India. This is a limited offer and is available for eligible online salaried applicants till 31st December, 2022 only.