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Home Down Payment Made Easy with a Personal Loan
A down payment is usually a property’s 20% purchase price. The initial payment is critical to get a housing loan approved. This percentage of the total cost needs to be paid from your pocket. This is because lenders are limited to financing a maximum of 80% of the home value above ₹30 lakhs per the RBI guidelines. But what if you do not have sufficient money to clear the payment hassle-free?
An unsecured loan comes to your rescue! This is especially true if your property market value is higher. It may get extremely overwhelming, and one may end up exhausting their savings. But a personal loan is a better option than VA or USDA loans which require you to meet several criteria to get a zero-down mortgage. Here’s how it works.
The Perks of Opting for a Personal Loan?
An instant personal loan helps meet most financial needs. The top social lending company has done away with clunky processes. The online loan application procedure includes submitting documents online through an app available on both Google Play Store and App Store. No collateral is required, which makes it highly convenient for young adults.
A personal loan can be easily turned into a home down payment loan. You can borrow a ticket size between ₹15,000 and ₹4,00,000. The fund is sent to your bank account within a few minutes of verification on the loan app. Feel free to choose an EMI tenure between 3 months and 1.5 years and repay via NEFT/IMPS.
The interest rate is non-jumping, so that you can plan the EMI without default risks. Otherwise, you can enjoy a 5-day interest-free grace period to avoid penalties in case of delayed payment. Make sure to read the rates and charges, for instance, the processing fee, for an informed choice.
Things to Know Before Taking a Loan
Traditional banks may only accept millennials if they meet credit requirements. But a digital personal loan has been designed for financially excluded individuals. You may unlock your economic potential by getting qualified via a clever analytics-based credit scoring mechanism called SLQ. It takes monthly salaries, social media footprint, smartphone metadata and basic KYC details into account to determine your ‘willingness to pay’. All you have to do is ensure a monthly salary of ₹15,000, maintain a healthy credit score and ensure a good payment history to come across as a credible borrower.
Conclusion
The loan app further makes it easy to apply for the funds 24x7. In short, a personal loan is the fastest and the most reliable method of acquiring funds for a home down payment in India.
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Income Protection Cover and Health Cover for Personal Loans
Why would you need insurance coverage for a personal loan? It can be of great help in times of financial crisis when you find it challenging to repay the loan. Such times can be a loss of employment, falling severely ill or meeting with an accident.
In these situations, you can take a new instant personal loan to pay off the previous one. Nevertheless, the debt will keep accumulating. The burden of loan repayment will eventually fall on your family's shoulders. If your loved ones depend on you financially, they won't be helpful in this situation.
So, what's the solution? Secure your personal loan with a suitable income cover right when applying. The EMI payments will be well-protected in the future and won't be jeopardized even during financial instability.
A new-age fintech lender offers personal loans with income protection and health cover options on their loan app. Here is all you need to know about these types of loan insurance.
Types of Group Insurance Covers for Personal Loans
Income Protection Cover
Nearly 52 Indian startups laid off 17,989 employees as of December 8, 2022. This has put a strain on the financial condition of so many working individuals. A global recession is forecast to take place in 2023. It might affect India to some extent.
Considering all these facts, it's a good idea to opt for an income protection cover for an instant personal loan that you take now. The cover will protect your loan if you lose your job. That is, it can help you manage the EMI payments even if your salary stops coming in.
Health Cover
As on December 14, 2022, around 3846 Indians are hospitalised. People never know when they will develop a major health condition or need to be admitted to a hospital for a long duration. This is when you need help to repay an existing loan. A health cover safeguards your EMI payments in the face of such a crisis and helps you become debt-free.
Are Personal Loans Worth Being Secured?
Securing a personal loan means ensuring your goal that you would like to finance with the help of the loan. If you apply for one on a fintech loan app, you can get various benefits you would like to take advantage of. These include:
Flexible loan amounts that range from ₹15,000 to ₹4,00,000
Flexible tenures ranging from 90 days to 540 days
End-use freedom (so you can take the loan for any use like mobile phone bill payments, home renovation, relocation, rental deposit payments, a 2/4-wheeler purchase and so on)
Conclusion
Now that you see how an instant personal loan can be insured, easily opt for the required loan protection cover on your Android or iOS device.
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Hacks to Avoid a Late Rent Payment in 2023
Paying rent can take up a large chunk of your income but it is crucial to paycrucial pay it on time. Read to know more.
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3 Good Reasons to Buy a Samsung Galaxy Z Flip 3
Thinking of buying a new phone? We will suggest you check out the Samsung Galaxy Z Flip 3! Read to know more.
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A Personal Line of Credit for The Wedding Season
Wedding season can result in all kinds of expenses but with a credit line, you can manage all such costs. Read to know more.
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Credit Line Benefits for Young Adults
A credit line is a millennial-friendly instant credit product that acts as a personal cash reserve at one's disposal to finance any urgent need. Is it good for young adults to apply for a credit line? Here are the benefits of that.
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Wish to Have a Lavish Destination Wedding? Let a Marriage Loan be a Part of the Plan!
A destination wedding is a pleasant experience. The fun-filled travel, logistics planning and intimate celebration are worth it if you are an adventure-loving couple.
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Safeguarding Loan Liabilities with An Insurance
Did you know you can protect your loan with the help of an insurance? Read to know more.
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Cover Your Chhat Puja Essentials with a Personal Loan
Chhat Puja is drawing near. Since the festival lasts for four days, you may require many items to make it an exciting one. You wouldn’t want to compromise on the bhog you serve or the new clothes your family wears for the festivities. The good news is that you don’t need to break an FD or dip into your savings. You can enjoy all aspects of Chhat and remain worry-free if you apply for a personal loan from a fintech lender. Here are some of the benefits of doing so.
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Top Benefits and Features of a Marriage Loan in India
An Indian wedding feels incomplete without some pomp and show. This is what makes it memorable and so much fun. Couples getting ready to tie the knot want to ensure everything goes perfectly on their special day. From booking your dream wedding venue and buying designer lehengas/suits to surprising the guests with a great menu, you have planned it all in your mind. Now it's time to turn them into reality!
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What to Do If You Are Financially Unprepared for an Emergency?
An emergency is called so for a reason. It can come at any point in life in any form. When a crisis appears, you can't afford to take too long to arrange for money to deal with the situation. This is when you need instant credit solutions like an emergency loan. Here's a look.
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A Line of Credit for Bhai Dooj 2022
Under a credit line, you can borrow up to ₹2,00,000. Then you can use this amount to finance the preparations of Bhai Dooj. Therefore, you need not spend a considerable chunk of your savings upfront in one go.
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Gift Yourself a Brand New Galaxy S22 Ultra This Diwali. Here's How!
Samsung Galaxy S22 Ultra was launched in India on February 9, 2022. It is the first in the S series that can support a stylus pen! The pros start there. The phone comes with the new Snapdragon 8 Gen 1 chipset, AMOLED display, 12GB RAM for optimum performance, 256GB internal storage, 120Hz refresh rate screen, impressive rear cameras and flagship hardware. So, you know what a blast its purchase would be this Diwali!
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Easy Financing Tips to Prepare Your Home for Diwali
Is it a good idea to manage all these expenses with your savings when you can take an instant personal loan and pay it off in small instalments? The second option sounds more convenient. Here are some simple financing tips to prepare your home to celebrate lights.
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3 Thrilling Reasons to Invest in a Two-Wheeler in 2023
The sale of two-wheelers is expected to grow by 6% approximately in the financial year 2022–23 due to the rising demand for personal mobility. The launch of new-age electric two-wheelers is catering to this demand. The market of electric vehicles in India is projected to reach 2 billion USD by 2023. Now you see how people’s hype to get a 2-wheeler in the new year is backed by statisticsal see. Should you also give it a thought? Here are 3 thrilling reasons to consider investing in a 2-wheeler in 2023.
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Financial Preparations with a Personal Loan for Moving Cities
So, how do you plan your relocation without financial worries? Consider taking an easy loan online on the loan app of the best fintech lender. If you qualify for the loan, you can get the funds quickly since fintech lenders offer instant loans. Gradually, you can repay the loan in small EMIs. Thus, you need to pay a hefty amount upfront from your savings and possibly prevent a liquidity crunch.
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3 Ways to Use a Small Loan to Brighten Bhai Dooj 2022
The loving festival of Bhai Dooj is celebrated with great enthusiasm! It is common across all communities and known via unique names like Bhai Phonta or Bhau Teej. The day is full of fun and excitement since the sisters decorate a puja thali. Plenty of gifts are exchanged between siblings as well. You may add cheer to the day with a wholesome meal with family, a nearby outing or hosting a movie marathon with a bunch of cousins. But do not have to pay upfront from your pocket. Get loans online from a fintech. Look at how they help!
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