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07.11 - 15:10
When should you apply for what kind of personal loan? Find out
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Personal loans are a convenient financing tool to address any urgent capital requirements. They provide borrowers with a one-time cash payment which they can repay with interest in monthly instalments over the loan’s term.
Madhusudan Ekambaram, Co-Founder and CEO, KreditBee and Co-Founder, FACE, says, “The prominence of personal loans is on the rise as they are safe and available at low-interest rates. As per a report titled ‘How India Lends-FY 2021’, the overall personal loans portfolio grew 2.3X in terms of originations by value and 3.8X in terms of volume.”
“The growth can also be attributed to the effective integration of technology, which has enabled individuals to gain approvals on their loans almost instantaneously,” he adds.
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