Non-banking Finance Companies (NBFCs) loan sanctions increased by 17% (year-on-year) in the Q2 FY22, and the personal loans segment recorded a strong traction of 90%. The popularity of easy loans can be seen as the primary reason for such credit surges as these loans allow borrowers to use the funds according to their choice and requirements.
Personal loan value with reputed NBFCs can be as high as Rs. 25 lakhs in India. An affordable personal loan can be an effective solution for making big-ticket purchases. Leading NBFCs offer competitive personal loan interest rates with easy online processing.
To utilise high-value personal loans to fund your big-ticket expenses, you need to plan the loan. Let us see how borrowers use personal loans and then highlight how easily you can apply for a loan from credible lenders like Fullerton India instant personal loan.
4 Ways How NBFC Personal Loans Can Fund Your Big Expenses
Personal loans do not limit you for the end-use of credit. You can meet medical expenses, buy a vehicle, pay your debts, or pay sudden costs that arise due to emergencies. Here are the four major expenses you can quickly meet with a personal loan.
Fund Costly Home Renovation
For construction or home renovations, you can get a high amount of loan without collateral at flexible tenures from NBFCs. Whether it is a modular kitchen, designing your backyard, or changing the flooring, you can transform your home easily. You can apply for a personal loan to cover wear and tear expenses while renovating your home. Therefore, you can easily remodel your home without any worries owing to the reasonable personal loan interest rates.
Higher Education Abroad for Better Future
Educating yourself or your family members is costly owing to high tuition fees and accommodation charges. If you get an opportunity to study abroad but find it hard to fund your studies with available savings, an affordable personal loan is a solution for you. It is easy to process a loan without any collateral at competitive interest rates if you have not defaulted on any debt earlier.
Manage Wedding Expenses
Even well-planned weddings can witness unexpected expenses and make you anxious. To avoid such instances, you can fund weddings in your family with a personal loan. With Fullerton India, you can apply for a personal loan of up to Rs. 25 lakhs. After a successful loan application, the approved sum will be disbursed into your account to use as per your needs.
Expand Your Business
A business loan requirement may not be easy for self-employed individuals as they are high amount loans. Usually, self-employed individuals struggle to get a business loan due to the long and cumbersome application process. You can choose a reputed NBFC to fund your business expansion with a vast amount of up to Rs. 25 lakhs. Availability of such an amount allows you to expand your business as per your plan and meet the working capital requirements. With NBFC personal loans, it is easy funding for your business.
An instant personal loan is extremely helpful owing to its features including:
- Easy availability
- No end-use limitations
- Flexible loan terms
It is better to plan your budget and know exactly how much you will need before applying for a personal loan. It should be more like monetary support than a financial burden for repayment. While you can be offered significant sanctions, you should avoid borrowing more than you require. Once you determine the required amount, start comparing lenders, the processing fee, interest rates, application process, etc.
Safe and Paperless Documentation with Reputed NBFCs
You can apply for a Fullerton India Instant Personal Loan online. Since the online application is accompanied by a few necessary documents, including your identity, address, and income proof, you might be concerned about the confidentiality of your records. However, you need not worry about it. It is a completely secure process that follows the industry’s set rules and regulations. You need the following documents in digital format to apply for your loan:
- Latest passport size photo
- Address proof – Voter ID, passport, driving licence, or other approved ID
- Income proof – payslips of the past 2-3 months
- Bank statements of the past 6 months
Once you have submitted an online application for your personal loan with supporting documents, it will be reviewed by the lender, and the loan amount will be sanctioned based on your eligibility with the verification of your documents.