Top 5 Benefits of Personal Loans

Versatile, easy to avail, hassle-free application process - there are numerous advantages of personal loans. A personal loan is a great way to finance your emergency requirements. Be it an unplanned medical condition or a big-ticket purchase, a personal loan can finance all these requirements.

Top Advantages of Personal Loans

Let’s take a look at some of the top benefits of personal loans 

1. Quick Approval

By quick, we mean within 24 hours in most cases!

2. No Need for a Collateral

Personal loans are unsecured which means that you don’t have to provide collateral to avail them. This is why it is easier to avail personal loans as compared to other loans such as home loans, auto loans, etc.

3. Versatility

Be it for an iPhone purchase, a Swiss holiday or for home refurbishing, a personal loan will be helpful without being limited by the use case. Additionally, a single loan can be used for multiple purposes and is not limited such as home loans or auto loans.

4. Builds Credit Score

If you have a low credit score or are new to credit, a great way to build your score is by availing affordable personal loans and repaying them on time. As you pay your EMIs on time along with the pre-decided interest rate, your credit score will increase.

However, it is important to avail a loan amount that is within your repayment ability. If not, missing EMI payments can be detrimental to your credit score.

5. Minimal Documentation and Easy to Avail

One of the biggest advantages of online personal loans is that the documentation requirements are minimal. Loan providers such as Money View require just three documents which can all be submitted online.

Not only this, but the application process is also quite simple keeping in mind customers’ convenience. These loans can be availed online within minutes and the amount disbursed can range from Rs. 5,000 to Rs. 5,00,000 with repayment tenures of upto 60 months.

Is There a Tax Benefit on Personal Loan?

Unlike home loans, there is no tax benefit on personal loans generally. However, in certain cases, exceptions may be made such as if the loan is being used for home renovation, purchase of assets such as gold or when used for business expansion.

However, each of these use cases are subject to different terms and conditions and may not be applicable for everyone.

Things to Keep in Mind When Going for a Personal Loan

Now that you know some of the benefits of personal loans, here are a few things that will help you choose the best possible loan -

Conclusion

Personal loans are one of the most sought after loans today. We’ve mentioned just five of the numerous advantages of personal loans but there are plenty more contributing to their popularity. This is especially true for personal loans from lenders such as Money View. Not only are the interest rates affordable, the documentation requirements are minimal, and you can avail loans of upto Rs. 5 lakhs. All you need to do is visit the Money View website or download the app and apply today.

Internal Links