Have you ever wondered why you receive so many cold calls from non-financial banking corporations (NFBCs) offering personal loans? It is because personal loans are one of the most popular loans in India.

Decisions like wanting to buy an expensive smartphone or buying a high-end laptop are making people take loans to fund their lifestyle.

How Popular are Personal Loans in India?

The popularity of personal loans is reflected in the relatively lower personal loan interest rates in India. People use them as a quick bridge when they are low on funds.

The modern lifestyle dominated by experiences like travel is one of the best personal loan requirements. People pay for lavish holidays through personal loans and repay later. 

How Much Can You Borrow Through Personal Loans?

The amount of loan you may be eligible for depends on your income and expenses. Most NFBCs offer loans from extremely small amounts to several lakhs. So, you have a wide range of loan amounts to choose from, depending on your specific requirements.

The higher the income, the more confidence the lender has in your repayment capacity. It results in your being eligible for higher amounts. 

Salary proof and expense proof in the form of a bank statement are the personal loan documents that you would have to submit for verification.

Conclusion

The lower personal loan interest rates in India make it an easily available option to close short-term fund deficits. 

The best personal loan requirements are where you get instant gratification from the funds generated. Of course, it has to be combined with quick and timely repayment, and then life is good!

Must Read: 5 Points to Keep in Mind When You Applying your First Personal Loan