The significance of increase in demand for personal loan in India

Over the last 15 years, India’s economy has been on an upswing, creating a massive growth in the middle class population. Having more disposable income and high-end lifestyle aspirations, consumerism amongst the masses is only increasing. For many who seek to improve their standard of living but do not have the income to do so, personal loans have become an accessible way for people to achieve their dreams. Personal loans are a form of monetary credit provided by banks, lenders, and other financial institutions or NFBCs (Non-Banking Financial Company). Decades ago, only banks and independent lenders provided loans to individuals and companies. Nowadays, one can get a loan from new-age digital lenders such as Upwards.

Benefits of Personal Loans

Unsecured personal loans can be used for anything you need to finance. Here are some of thereasons what you can use a personal loan for: 1. Paying high utility bills2. Down payment for new home3. Travelling and vacations4. Vehicle loan5. Repairs and maintenance costs for home, office or vehicle6. Buying new/upgrading your mobile phone, laptop, gadgets and appliances7. Medical expenses8. Expenses for weddings and family functions9. Home furnishings10. Gifting your loved one an expensive purchase...and many other things! Whether it be a large or relatively small expense, personal loans arebeneficial to financing your requirements. Instead of dipping into your savings account to pay anupfront lumpsum for your expenses, personal loans can be paid off in easy EMIs that can easilyfit into your monthly budget.

Conclusion

These days, almost everyone can get a loan if they meet some basic criteria set by lenders. Taking out a loan is a good thing, because you can achieve your dream goals while building a good credit score! Before you apply, just be sure to know how much your EMIs will come up to by using the Upwards personal loan EMI calculator. This will help you plan your monthly budget with ease and confidence.