Benefit Of Personal Loans For Youth - Personal Loan Blog - Tata Capital

Tata Capital Personal Loans Benefits for the Youth of Today

Feb 28, 2017

These days, young adults are independent and shoulder many responsibilities which may include managing monthly phone bills, paying their credit card bills, among other things. This may result in putting a strain on their cash flows. However, youngsters no longer need to face such cash constraints, owing to the availability of personal finance.

You may opt for personal finance from banks or non-banking finance companies (NBFCs). These funds are available in a short period of time and do not require collateral.

Tata Capital is one of the leaders in this segment. Here are five benefits of availing of Tata Capital personal loans.

1. Flexibility to use the loan

Unlike other options like home loans or loan against property (LAP), the amount borrowed using personal finance does not have any limit on its usage. You may utilize the amount for meeting any expense, such as paying your credit card bill, dream holiday, or medical emergency. This offers you the versatility of using the money as per your personal requirement and choice.

2. Unsecured loan with minimal documentation

When you apply for a personal loan, you do not have to undergo a tedious documentation procedure. This allows you to receive the funds faster when compared to most other types of loans. Furthermore, such loans are unsecured, which means you do not have to provide any collateral against the loan. This reduces your risk of losing your personal asset in case of default.

3. Affordability

Contrary to belief, Tata Capital personal loans are available at an attractive rate of interest. Furthermore, the processing fees and other charges are not high, which ensures you are able to avail of the loan at an affordable cost.

4. Customized repayment schedule

It is important that you do not face any financial difficulties while repaying the borrowed amount. To ensure this, Tata Capital offers customized repayment schedules to suit your personal needs and financial situation. In addition to the standard Equated Monthly Installment (EMI), you may choose a Step Up EMI plan, Step Down plan, and Bullet EMI repayment plan. This allows you to increase, decrease, or pay a lump sum amount based on your financial availability.

5. Higher loan amount

Tata Capital offers a loan limit of up to INR 15 lakh and a loan tenure of six years. A higher loan amount will help you to overcome any liquidity crises.

If you need immediate funds, a personal loan may be beneficial. However, such loans are available based on stringent eligibility criteria primarily because these are unsecured. If you do not have a good credit score, you may find it difficult to avail of such loans. However, Tata Capital offers loans even if you have a low credit score. You must read the fine print and understand all the terms and conditions before applying for a loan.