A personal loan is helpful to meet emergency fund requirements for varied situations like medical expenses, excess funds for marriage, home renovation, etc. In the age of digital banking, emergency or instant financing from credible lending institutions has become easier and more accessible. You can use tools like a personal loan calculator to better plan your loan. Personal loans should not be taken indiscriminately as they can affect your CIBIL score and prove costly. However, for a responsible borrower, here are some of the benefits of a personal loan: 

Unsecured  

Being an unsecured loan, you don’t need to provide collateral or security to the lending institution to secure your loan. If you have a good CIBIL score over 750, and have all the required documents, you can expect a low personal loan interest. Since you don’t pledge any of your assets, the lending institution depends on your credit profile to determine your ability to pay the loan. 

Quick approval 

Online personal loans have a quick approval process, which is one of the biggest perks of taking a personal loan. Fullerton India offers instant approval with minimum documents and a good CIBIL score of 750. 

Pay off high-interest debt

Personal loans can help clear other high-interest debts. It is best to pre-plan your loan and understand your borrowing better using a personal loan calculator from a lending institution to know your personal loan interest so you make an informed decision. 

Also Read: Top 5 Factors that Affect Personal Loan Interest Rates