Luxuries vs loan burden

People often do not notice that the personal loans available in the market are not suffient to meet the needs of millenials at every stage at life. Millennials expenditure mostly comprises of short-term goals as well as few long-term goals. As instant gratification is more sought after, their expenditure may sometimes outweigh their income

Because we all know expenses are inevitable. But what you do not know about is the EMI free loans available by new lending platforms in the market.

The EMI Free Loan are really EMI Free. That means No EMI. This concept involves Paying only interest on the Loan amount and and making lump sum payments towards principal amounts every six months. yes you heard that right. That is really possible.

These loans also offer:

Flexibility

Foreclosure facility

Involves Transparent process

One can now give up the hassle of running to institutions for approvals of loans. RBI registered digital NBFCs are now-a-days providing loans online, therefore helping people to choose wisely while they can have loans at their doorsteps.

One needs to pay only interest for 5 months and make bullet payments towards principal every 6 months. If you make a Part Payment, it lowers your monthly interest cash outflow for the following months.

One can also check loan eligibility online. Few parameters are kept into consideration before apply for a loan. one must have a good CIBIL score.

information Bureau deals with records of consumers and companies. It is an effort to enhance transparency, efficiency and accountability for access. It keeps a check on activities of an individual or an entity. This help banks, insurance companies and government companies to know the worthiness or risk associated with clients.

FYI: CIBIL partners with two international Bureaus: Dun & Bradstreet and TransUnion International.

REASONS WHY ONE COULD NEED A Loan:

1. To Pay off an existing Debt

2. Medical Emergencies

3. Relocating costs

4. Car Repairs

5. Renovation of the Home, etc

No one would like a debt for a long period. post 6 months of loan servicing one can opt for a closure of the loan. That too without any charges. Banks usually charge 3-4% foreclosure charges. Therefore, one must opt for a NBFC as their products are unique and user oriented.

Plan Your loans with a variety of products available in the market. For every situation there are tailor made loans available. Wedding loans, Holiday loans, Overdraft loans, etc. One need not worry if he faces unexpected expenses as these loans are accessible in no time. The NBFCs provide loans faster then banks. The interest rates with such institutes are lower as compared to banks.

Hence, reduce your monthly outflow with EMI Free loans customized according to ones needs.

Millennials expenditure mostly comprises of short-term goals as well as few long-term goals. As instant gratification is more sought after, their expenditure may sometimes outweigh their income