Small Ticket Loans: Financial emergency? How instant credit options can help you
Small ticket loans come as a huge relief to first-time borrowers who seek
such loans for any financial emergency or day-to-day needs.
Small Ticket Loans, Financial emergency, instant credit options, personal
loan, credit card, digital lenders, credit card vs instant loan
People prefer short-term loans because of their multiple lucrative
benefits.
While the need for credit has always been there, not everyone is fortunate
enough to get such financial aid with ease. For long, various financial
institutions have been unwilling to lend money to the underserved Indian
populace, mainly due to low credit score or no credit history. As a result,
this category of people that includes both salaried and self-employed
millennials, mainly between 25 and 45 years of age, fail to resolve their
financial emergencies and fulfil their aspirations. Eventually, when left with
no choice, they end up borrowing from their friends or relatives.
This is where new-age lending platforms come into the picture.
Small Loan Company in Himachal Pradesh
Apart from simplifying and boosting India’s lending scenario, these digital
lenders make short-term, small personal loans easily accessible to everyone.
What makes them unique is their 100% digital approach to facilitating instant
small-ticket loans – as low as Rs 5,000.
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Let’s say a consumer is planning to buy the latest smartphone priced at Rs
15,000. He has managed to save Rs 10,000. However, now that he is facing a
shortage of Rs 5,000, he either decides to settle down with some other brand
that falls in the budget or completely drop the plan. Short-term, small
personal loans can be a huge relief in such cases, as it can enable him to
borrow the remaining amount, then and there, in not more than 10 minutes. All
he needs to do is select the loan amount and tenure, upload the relevant
documents and receive the money in his bank account within 10 minutes.
These loans come as a huge relief to first-time borrowers who seek loans of
such size for their day-to-day needs. The idea is to build up the credit
history of first-time borrowers and help them become eligible for other
long-term, high-value loans that they may require in the future.
These new-age digital lenders don’t intend to compete with other financial
institutions but complement them at every step. Eventually, doing so will help
bridge the gap between financial institutions and customers, especially when it
comes to small loan size and shorter tenures that conventional institutional
lenders typically don’t cater to.
Lucrative benefits of small ticket loans
People prefer short-term loans because of their multiple lucrative
benefits. For instance, these loans can be used for various purposes – be it home renovation, education
expenses or even buying a refrigerator – the choice is yours. These new-age
loans also offer faster accessibility – it takes not more than 10 – 15 minutes
to have it credited to your account with minimum documentation. This means you
get instant loan approvals without waiting for too long.
Small ticket loans have turned out to be popular among the country’s
millennial who are fascinated by the idea of investing in their passion. As a
result, such loans have emerged as a credit buddy for all their basic financial
needs and aspirations, gaining widespread popularity across India. All these
impressive features and offerings certainly make instant personal loans more
accessible than credit cards.
Roadmap to future
With more and more players debuting in this category and offering lucrative
lending features – be it instant loan approvals, flexible repayment options or
100% digital transaction – digital lending in India is set to grow rapidly in
the coming years. Slowly but steadily, this phenomenon is expected to attain a
wider acceptance PAN-India and emerge as the most sought-after borrowing option
for everyone including low-salaried individuals, while helping them meet
short-term financial emergencies in a jiffy.
Digital Marketing Company in Sanganer Jaipur
(By Jitin Bhasin, MD, Rupeeredee)
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HOMEMONEYSmall Ticket Loans Financial Emergency? How Instant Credit Options
Can Help You
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