Smart borrowing in uncertain times: Why low-interest personal loans are gaining ground

Handling personal finances always requires planning and foresight. Whether it is for medical bills, home renovations, education, or any other unexpected crisis, borrowing money must always be easy, clear, and hassle-free. In this context, the need for personal loans emerges as an indispensable feature. At interest rates as low as 9.99% per annum, personal loans such as FIRSTmoney by IDFC FIRST Bank enable borrowers to borrow wisely without undue strain.

A personal loan can be a good way to meet various financial needs with ease.

• Personal loans are unsecured loans, and, therefore, you don’t require any asset or property as security for borrowing money from a lender.
• These are generally offered to all types of borrowers, from the employed to the self-employed.
• Documenting the process is easy, and approvals take less time than for other loans.

Money can be utilized for various requirements; this gives the borrower complete freedom of use. A competitive interest rate and flexible payment terms enable efficient management of finances.

Advantages of borrowing at a lower rate of interest

The main advantage of a lower rate of interest is the ease of repaying the loan. Also:

• Lower interest outgo means that they save more.
• It reduces financial stress.
• Repayment of the amount can be manageable with the help of monthly instalments that are easy to pay alongside other expenses.
• Lower rates make household finances less stressful and promote proper borrowing behaviour.

IDFC FIRST Bank offers interest rates starting at just 9.99% per annum in a 100% digital manner. Additionally, the bank doesn’t charge any foreclosure charges, making borrowing more affordable and flexible.

Instant disbursals for sudden requirements

Immediate funds are necessary at the time of unexpected expenditures.

Such expenditures, including unplanned events like a family member’s emergency hospitalisation, may require instant cash flow for any financial emergency. You get quick approvals and fast access to funds.

With a 100% digital personal loan with 30-minute disbursal, you can access funds when you need them the most. Closing the loan is easy, with in-app option to close the loan and zero foreclosure charges. FIRSTmoney stands out with these unique features offering flexibility and choice unlike many other traditional loan options in the market.

Flexible tenure to enable comfortable repayment

Repayment flexibility gives borrowers the ability to coordinate their repayment obligations with their source of income.

• Borrowers are able to choose a term of repayment of loan money which suits their income flow and financial conditions. Lenders generally offer tenure between 1-5 years for personal loan in India. In case of a FIRSTmoney personal loan you can choose a tenure starting from 9 months to 60 months.
• This ensures that the loan amount is paid off faster with a smaller burden of interest charges because of a shorter duration.
• A longer tenure means lower instalments and easy budgeting.
• Flexible repayment terms will ensure a fair balance between the repayment of the loan and household expenditure.

Create a plan before you borrow

Even before the loan, appropriate planning helps avoid potential financial stress. A personal loan calculator can help.

• It estimates EMIs based on the amount of the loan, rate of interest, and tenure.
• It helps you gauge repayment abilities before borrowing money and prevents financial pressure in the future.
• It ensures that the instalments are not a strain on monthly budgets.
• A personal loan calculator helps individuals compare their choices and choose the loan terms.

An easy and transparent application process

A transparent and well-structured lending process creates confidence.

• A seamless personal loan application process saves time and avoids confusion.
• The benefits of clear eligibility criteria are that they help the borrower understand what they need to qualify.
• Online monitoring during the personal loan application process instils trust and confidence.

Choose smart borrowing with the right partner

Taking loans can prove beneficial if taken on good terms. With attractive rates of interest beginning at 9.99%, fast disbursals, flexible repayment tenures, and more, personal loans like FIRSTmoney are designed to provide an optimal solution to modern demands. At IDFC FIRST Bank, known for trusted financial services, transparency and ease of transaction are given utmost importance with the aim of making borrowers feel comfortable through their lending procedures. Thus, with smart planning and appropriate use of loan options, all demands will be aptly met while securing the future, too.