When it comes to any form of financial crisis, many people lean towards a personal loan as their first choice. A large number of people opt for personal loans due to several reasons such as an emergency situation, big-ticket purchase, day-to-day expenses, travel, marriage, and many others. In this article, we will have a look at the trend of customer segments opting for personal loans, its benefits, and how you can apply for a personal loan.
Trend of Personal Loan Borrowers
Typically, in the last few years, the majority of personal loans were availed by mature borrowers in an age group above 30 years of age. Recently, according to a report published by credit bureau CRIF High Mark, there has been an increased demand for personal loans by millennials and young borrowers. The age group of these young borrowers was between 18 years and 30 years. In the past few years, only about 27 percent of young borrowers applied for personal loans. However, this metric increased to 41 percent in the current times.
Moreover, there has been an increase of 12 percent in volume share among all annual organizations in the last 2 years in the small-ticket personal loans space. This leads to millennials and young borrowers conquering a majority of the segment when it comes to opting for a personal loan.
Benefits of Personal Loan
Personal loans such as travel loans and marriage loans can come in handy to meet different expenses. Let us have a look at the 2 most common types of personal loans that are availed.
1. Travel Loan
Saving up for years before taking a vacation is a thing of the past. These days, many people opt for travel loans to fund a trip or vacation. Applying for a travel loan has been made simple with only minimal required documentation.
2. Marriage Loan
Weddings are very special occasions that also require enough capital to facilitate the entire event. With all expenses incurred from inviting guests, arranging accommodation, food, and others, personal loans can help. You can opt for a marriage loan to either fund your own wedding, your child’s wedding, or a relative’s in a smooth manner.
How To Apply For a Personal Loan Online?
You can now apply for a personal loan online by following a simple process. Keep in mind that before applying for a personal loan, you should meet the eligibility criteria with respect to age, employment, monthly income, and credit score. Once you verify your eligibility criteria, you can apply for a personal loan online by following these 4 steps.
Step 1: Fill in the online application form with your personal and financial details.
Step 2: Choose the amount of loan you require along with the tenor based on your repayment capacity.
Step 3: Keep all the required documents ready to complete the verification process.
Step 4: After your documents are verified and the personal loan is approved, the amount will be disbursed to your bank account.
In a Nutshell
Compared to people over the age of 30, many millennials and young individuals have been opting for personal loans. While applying for a personal loan, make sure that you satisfy the eligibility criteria and have all the required documentation ready. You can apply for a personal loan on Finserv MARKETS and experience benefits such as minimal documentation and a flexible tenor.