In India, there’s rarely a month without a major festival. As we get ready to celebrate Shiv Ratri with grandeur and families plan to get together to make memories, it is important to ensure we’re well set to fund our grand celebrations. With family gatherings, outings, or even short trips on the horizon, our wallet should hopefully not be cause for concern. This holds true even in a broader context throughout the year – financial stability is critical for whatever life throws at us, whether it’s medical emergencies, travel plans, or even daily expenses. 

Many of us may need loans in such circumstances. And while credit is a great enabler, it also comes in all types. As borrowers, we need to make sure we pick the one that is best for us – in terms of interest rates, accessibility, the entire application process, and many other aspects. Our finances, after all, are entirely our responsibility. As they say, God helps those who help themselves. 

What To Look For In A Personal Loan

1.Usage Flexibility 

Personal loans are meant for a wide variety of uses, and they should remain that way. A personal loan that restricts how you deploy your funds isn’t one you should be going for. There are plenty of dedicated loans in the market, whether they’re for educational purposes or vehicle purchases. Your loan should ideally be free of any restrictions.

2. Collateral Free Loan

By nearly all commonly accepted definitions, a personal loan should require no collateral as security. For many of us, collateral may hold more than just tangible value. With plenty of personal loan apps in India, you’re more than likely to find options that don’t demand collateral. 

3. Repayment Flexibility

Restrictive repayment schedules can often be a considerable source of stress once you’ve borrowed your funds. A hassle-free loan experience must essentially include flexibility in repayment schedules. No prepayment charges are a welcome bonus you should keep an eye out for. 

4. Quick Processing

It’s 2020, and with all the digitization around us, especially in the financial sector, loan processing should be a quick procedure. This is only possible if loan providers eliminate paperwork, rely on automated tools for assessing borrowers, and seek to improve borrower experiences. There are already a number of instant loan apps across the country, making the market competitive, and ensuring borrowers can pick from the best lending services out there. 

5. Attractive and fixed interest rates 

Perhaps the most important aspect to keep an eye on – interest rates can vary wildly based on who you borrow from. They’re largely determined by your credit score, salary and other factors. With new-age quick personal loan apps however, they remain competitive, and are determined with a broader perspective, and not just your credit score. In fact, you can borrow even if you do not have a credit score. The interest rate should be fixed throughout your loan tenure. 

EarlySalary

EarlySalary, a pioneer in personal loan offerings in India, offers a variety of custom borrowing solutions in the form of instant cash loans to help you meet all your financial requirements, scoring optimally in all the metrics we just discussed.

EarlySalary’s instant personal loan app requires no paperwork, with its online document submission. With approval times within 8 to 24 hours of application, and direct disbursal into your bank account, urgent festival expenditures can be fulfilled within a day. Borrowers can borrow up to Rs 2,00,000 at interest rates as low as Rs 9/day.

Whether it is a visit to Kashi Vishwanath or a grand pooja ceremony, EarlySalary’s loan schemes capture the festive mood and spending needs of borrowers by reducing the hassles and exorbitant fees involved in borrowing. But the offerings don’t stop there.

This Shiv Ratri, you could fulfill your parents’ long-awaited dream of visiting a place that can give them peace, on a journey away from the doldrums of life into solitude. A travel loan from EarlySalary can take care of all expenses related to your journey. 

A shopping loan from EarlySalary gives you the ease of buying all the essentials. Cash crunches are a thing of the past. With EarlySalary’s tie-ups with e-commerce giants like Amazon, Flipkart online shopping can’t get more convenient. You can shop and repay in 3 EMIs at zero extra cost.

As a borrower, you’re honestly spoilt for choice, with a wide range of instant credit options available right from your smartphone. You can shop across brands, or get instant online cash loans, all through the app.
It may finally be time to make your big-ticket purchases on the auspicious occasion of Shiv Ratri.
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