Here’s why Indian youth opt for personal loans

India is home to the youngest population which constitutes around 60% of them falling under the working group. This group is mostly driven by their desire and lifestyle rather than regular needs. They look for opportunities to grow, enjoy and experience lavish thing in life. They mostly believe in fulfilling their bucklist and travel across the globe to capture stunning moments, create beautiful memories. They are smart in decision making and investments.

When it comes to fulfill their passion and meet financial exigencies, they don’t hesitate to borrow finances. Gen Y doesn’t believe in hopping around banks or non-banking finance companies to apply for personal loans. They won’t plea to the loan officers to get the loan sanctioned. Instead, they would approach online loan providers.

Many established banks and finance companies have come up with their own sites and mobile app that will help you borrow funds at attractive personal loan interest rates and flexible loan tenures. In fact, they’ve partnered with leading aggregate sites wherein millennial can compare quotes in terms of interest rates, processing fee, loan disbursal value, disbursal time, tenure and other key factors to take a wise call. You can compare quotes anytime and anywhere from the place of your convenience. It's 24X7 and free of costs.

Why more and more people are routing towards personal loans online?

Digital processes are faster and easier. They will save your precious time and give quick loan sanction. They don’t give you any fall promises or hope. Either they’re willing to lend finance or not. Also, once you give a go ahead, the loan gets disbursed to your bank account in mere 1-2 working days.

You don’t need to carry a pile of documents or maintain a file. The documentation process is easy and you can upload a scanned copy online while making an application. All you need is photo identity, address proof, income proof, and your bank account details. It’s convenient and easy.

Online lenders are full of deals and discounts for potential borrowers. If you have a strong income and excellent credit score, you will receive a pre-approved personal loan message or email in your inbox. Thus, they can pick ideal personal loan interest rates that won’t give a dent in your wallet.

If you wish to know your EMI, you can use the online personal loan calculators. You have to enter the principal amount, interest rate and tenure. The calculator would display the loan EMI with a complete break up till the end of tenure. You can try different combination to see which configuration will suits the best, thereby not compromising on your lifestyle needs.

With such speedier and easy loan processing, instant personal loans are becoming the most preferred source of finance for youth. Whether an individual wants to cover their wedding expenses, or go for a family trip, pay urgent medical bills, getting adequate finance is no more major concern.

There are top banks and financial institutes who are willing to provide personal loans with interest rates between 10.99% to 16%. You can avail from Rs 1 lakh to Rs 30 lakhs for the loan tenure of 1- 5 years. With online lending platforms, aggregate sites and apps, your dreams are affordable and at your fingertips.