Personal Loan in Gujarat— Features, Benefits

 The economy of Gujarat, a state in Western India, has significant agricultural as well as industrial production within India but people battling income shortage after the lockdown of 2020, the uptakes of personal loans went up, along with the average ticket size. According to a report by credit bureau, CRIF Highmark, personal loan ticket size in Gujarat went up 25% after the pandemic year .

If you are living in Gujarat and want to know how much you would get if you apply for a small personal loan here then this article will help you know everything.

Personal loan in Gujarat - Features and Benefits.

Here are some of the Features and Benefits of personal loan in Gujarat :

1. Flexibility of use — A significant advantage of a personal loan is its flexible nature. Unlike a car or home loan, this financial resource can be used for any necessity, without limitations. In other words, the amount you borrow can be used to finance a wedding, travel, education, medical expenses; purchase jewelry, electronic gadgets, etc. Put simply, it’s an easy way for you to get out of the immediate cash crunch you’re in.
2. Quick Disbursal — Pre-approval is usually quick. Meeting the eligibility criteria is key when it comes to a quick handout of a personal loan. Having a good credit score is a definite advantage. The time for disbursal depends on the bank or lender but it’s generally within 24 hours; or 72 hours at most. This makes it your best bet in an emergency. You may even be eligible for instant online approval if you are an existing customer of the bank you’re applying to.
3. Fewer Documents — To get an approval for a personal loan, only a limited number of documents are required. This makes it faster to process. With an online approval, you will be required to upload scanned documents for verification, after which you will be granted the loan within minutes. This makes it a truly hassle-free process and you can get out of the financial crisis you are in faster than you think.
4. Minimal paperwork — As with documents, the paperwork that needs to be completed is minimal. This adds to the swiftness of the procedure. If you have any queries, the customer care department of your home branch is there to assist you. They may even send an agent to your location to help with the paperwork.
5. No Collateral Needed — If you qualify and are eligible for a personal loan, you will not need to present any collateral. Thus your assets remain safe. If you do not own any assets, this is a definite advantage. Since it is unsecured, a personal loan is considered the best form of gaining urgent financial assistance. Get the initial steps sorted and you are good to go!
6. Pocket-friendly repayment — To repay your personal loan, you can opt for EMIs, instalments, post-dated cheques, online payment, etc. Typically, flexible tenures are available and you can choose one that suits you best. The longer the tenure, the lower the EMI, and vice versa.
7. Attractive Interest Rates — Personal loans come with attractive interest rates, which make them easily affordable by all. This ensures your EMI remains fixed for the entire tenure of your loan. So there’s no need to worry about ever-fluctuating interest rates that characterise other types of loans.