Personal loans have always been a savior in times of financial emergencies. However, the loan market has revolutionized in the past few years. Their popularity has soared high. Moreover, it has become a lot easier to take a personal loan these days.
Fullerton India quick personal loans cater to the needs of both salaried and self-employed people. What are some of the latest market trends that can change the game of personal loans in the future?
5 Changes In The Personal Loan Market
Digital Boom In Personal Loans
Well, you do not have to rush to your lending institution and wait for several hours these days. You can easily apply for a personal loan through your smartphone. It will hardly take a few minutes. Most institutions have an online presence to boost their sales. You can even compare personal loan interest rates and choose the one that suits you best.
Increase In The Number Of Financial Institutions
There are a large number of financial institutions in the market ready to offer personal loans. How does that help you? It gives you a lot of options. Moreover, the increased competition between them makes sure that you get the best interest rates. It also improves the quality of customer service. The different institutions constantly strive to give the best service to their customers. They are all keen on increasing their sales. So, your loan will not take much time to get approved.
Several Repayment Option
Earlier, you had to visit your lender to pay your loan EMIs. Not to mention the long waiting hours. Those days are long gone. You can now pay your personal loan EMIs from the comforts of your home. Isn’t that super cool? It will save your precious time and energy. After all, who can afford to spend hours standing in a long queue? You can pay using net banking or UPI. Cheques are also an excellent way to repay your loans. Moreover, through electronic clearing services, your EMI will automatically get deducted from your account every month.
Greater Flexibility In EMIs
The financial institutions are competing among themselves to occupy a larger market share. In that attempt, they provide more flexibility to their customers to increase sales. You can take full advantage of the situation. If you feel that the EMI amount is too high to afford, you can opt for lower EMI rates. Your lender will restructure the loan in that case. They can reduce the EMI and increase the loan tenure.
The Credit Score System
Your credit score gives the lender an idea about your repayment capacity. It is calculated by the Credit Information Bureau of India based on several factors. Your credit score depends on how well you have been able to repay your past loans. It is also affected by your current financial position. Whether you have a stable source of income will decide your credit score. This system has made the process of granting loans simpler than ever. If you have a good credit score, you stand higher chances of getting the loan approved.
What To Check Before Applying For A Personal Loan?
Here are some things you must not forget before getting a personal loan.
- Check the credibility of the lending institution.
- Make sure you have a good credit score.
- Use a personal loan calculator to check the amount you are eligible to get.
- Choose a repayment option that is most suitable for you.
The Bottom Line
The loan market is changing faster than ever. It has become easier to meet your financial emergencies. Now that you know the latest trends in the market, why should you not take advantage of them? Visit the Fullerton India website to get the best deals on your personal loan. The personal loan market is expected to boom further shortly. So, why are you waiting? Hurry and reap all the benefits of the latest trends.