With changing times, people have become more open to the idea of taking a loan to address their financial needs – be it to visit a holiday destination in their bucket list, plan their dream wedding, or attend to a medical emergency. However, with hectic lifestyles and moreover in case of emergencies, people prefer loans that get approved and disbursed instantly. In such cases, an instant loan can help you in meeting your financial needs. A personal loan at attractive interest rates can work wonders to fulfill your requirements.
An instant loan is a logical step when you need money. Instead of digging into your savings and spending all your money, you can spend a little extra every month and achieve your goals. However, you may want to ask yourself a few important questions before you go ahead with it. Here is a list of them.
Is A Personal Loan The Right Option For Me?
It is a good idea to analyze your needs before applying for an instant loan. It is advisable to assess the possibility of covering your expenses with a credit card. Of course, an instant loan app is a way to move forward if your needs are more pressing and substantial. An instant loan is also more ideal if you have a steady source of income to repay your EMIs.
What Are My Needs?
It is always important to know the exact money that will be required to meet your needs. Applying for a loan amount that is more or less than you need can lead to trouble and so it is vital to be sure of your needs.
Apart from fulfilling your current needs, you could have other financial goals. For example, buying a house or a four-wheeler may be on your priority list. It may not be financially viable to opt for another loan when you are already repaying one. Such foresight is crucial to prevent an increase in debt beyond the manageable limit in the future.
Can I Repay my EMIs Comfortably?
As easy as it is to apply for a personal loan, it can become equally challenging to repay exorbitant EMIs. You can use EMI calculators available on your loan app to know about the monthly installments to be paid. This is a key feature in the online loan app that can help you in making your decision. You can simply enter the loan amount and tenor to know your EMIs.
If the EMIs are reasonable and within your budget, it can be a good idea to go ahead with the loan. If you feel the amount is too high and could impact your monthly expenses, you can consider going for a longer repayment tenor.
Bajaj Finserv offers a reliable loan app that helps you with loan account, EMI repayment, and other pertinent details.
Instant personal loans can save you from many troubles and serve you during your time of need. Applying for a personal loan has become effortless these days and you can avail it with a few taps on your phone. It is possible to get the loan amount simply by keying in a few details and uploading the necessary documents on the online loan app. All this while sitting in the comfort of your home.
Another hassle-free option is to check the pre-approved offers by the leading lenders. Bajaj Finserv App offers pre-approved personal loans, home loans, business loans, and a host of other financial products. These offers can help save your time. Check your offer today by filling some basic details such as name and contact number.