Home & Kitchen
How a Personal Loan is Helpful in Managing Month-End Cash Crunch

How a Personal Loan is Helpful in Managing Month-End Cash Crunch

A financial emergency may strike without warning and disrupt your savings. Fortunately, individuals can use personal loans to counter a financial crisis. By securing a personal loan, one does not have to disrupt their savings. Salaried and self-employed individuals often face financial problems towards the end of the month when most of the funds have been used up to meet daily expenses. In such a situation, a personal loan can help manage the month-end cash crunch. Read on to understand the use of a personal loan in managing the month-end cash crunch.

How does a personal loan help manage cash shortage towards the end of the month?

A personal loan gives access to additional funds as per the applicant’s eligibility. The funds received via a personal loan can be used for an emergency. One can also choose to manage daily expenses with a personal loan until the salary for the next month is credited. There are no restrictions regarding the end-use of the personal loan amount. With fast personal loans offered by Fullerton India, month-end cash problems can be mitigated. 

Here are some reasons to secure a personal loan and solve the month-end cash crunch:

  • Easily available

Compared to other loans, personal loans are readily available to individuals in India. With a reputed lender like Fullerton India, one can enjoy instant personal loan approval and counter a financial emergency. By furnishing the required details and meeting the eligibility criteria, one can expect a speedy disbursal of the loan amount. The credit score and income of the loan applicant will also play a role in the speed of loan approval. With the integration of technology, the need to visit physical branches has been eliminated. One can easily avail of a personal loan from the comfort of one’s home. They need to submit the loan application and the required documents online to the lender.

  • No collateral

Another convenient aspect of a personal loan is that there is no need to put up collateral. Towards the end of the month, people might face financial issues. However, they do not have to produce collateral to secure a personal loan. The lender will offer an unsecured personal loan based on the applicant’s credit report. Also, there are no restrictions on how the borrower uses the personal loan amount. The borrower can choose to pay monthly bills or plan a weekend getaway. Fullerton India has the best personal loan rates for individuals facing month-end financial issues.

  • Flexible repayment scheme

When facing a financial problem, it takes time to get back on track. Luckily, borrowers do not have to repay the entire personal loan at once. A personal loan comes with a pre-decided repayment tenure. The personal loan amount is divided into affordable installments/EMIs. The borrower pays an EMI to the lender. The lender also applies interest charges to every EMI. Once the principal loan amount is repaid via pocket-friendly EMIs, the loan is closed. Since a personal loan comes with a flexible repayment plan, the borrower will not feel pressured. Besides getting fast personal loans, borrowers can choose flexible repayment tenures with Fullerton India.

  • High principal loan amount

Sometimes, individuals might require a larger amount to meet a fund crunch. One can acquire a large personal loan with Fullerton India. It is crucial to note that the risk for the lender increases when the personal loan amount is more. The lender will conduct a credit check for the same rationale before approving a sizeable personal loan. If the borrower has a good credit rating, they will receive a large personal loan. On the other hand, the sanctioned loan amount can be decreased for someone with a poor credit rating and history.

  • Competitive interest rates

Every personal loan will come with a pre-decided interest rate. Some lenders might apply a heavy interest charge on personal loans. Fullerton India offers personal loans with interest rates starting from 11.99%. Individuals with good credit ratings can get the best personal loan rates in India. If the repayment tenure is short, the borrower will pay less interest. 

  • Build your credit score

It is advisable to pay off the personal loan as scheduled to boost your credit score. When the borrower closes a personal loan with timely repayments, the credit score is enhanced. It will make the borrower eligible for higher loan amounts in the future. Also, the borrower builds a healthy relationship with the lending institution.  

Apply for a personal loan by assessing the available options and solving the month-end cash crunch now!