The lending companies have been striving too hard to allure the crème of the borrowers & build a larger market for personal loans. This chunk of people consciously understands the benefits of a personal taken from banks & financiers. These companies offer plans & scheme which are favorable to the overall customer experience. The stiff competition persisting long in the market is plainly responsible why customers have a lot to choose from. A personal loan can be easily turned attractive by a plethora of features.
Few significant benefits of personal loans can be found as under:
Processing Fees: Many financial institutions offer different categories of processing fees to the customers on their personal loans. Also, some companies have the provision to reverse the processing fees after the final loan approval in place.
Infact, a few do not charge a processing fees at all. Home Credit India offers personal loan at 0% processing fees.
Prepayment Penalty: Just as the processing fees, a few companies refund the prepayment penalty after relevant approvals in time. Though, these banks/ NBFCs may or may not charge a prepayment penalty in the first place.
Personal Accident insurance: A few banks also package personal accident insurance in the personal loan package. You can now opt for a personal accident insurance at the time of taking a personal loan. This is a win-win situation for both the customer & lender. Here, the bank is simply secured against any accidental death of the borrower, in case that happens.
Balance Transfer Provision: To enhance the total amount disbursed, the financial institutions have also allowed to transfer the balance of the outstanding loans from different sources into a consolidated personal loan account. This enables improved tracking & payment systems for the customer.
Zero balance Savings Bank Account: Borrowers are offered zero balance savings accounts in the banks from where they are choosing to take the loan.
Credit Card: Banks are now offering credit cards, free of cost to the prospects of personal loans.
Financial Advice: Some financial institutions are seriously considering the financial wellbeing of their customers, and providing free personal finance counselling to them. This is an effort to attract & keep more and more customers towards themselves. Alongside, for special help, a few customers are allowed access to financial sites for timely consultation also. This may or may not be charged.
Tax Filing Assistance Online: It’s wonderful to see how customers are being given prior importance in terms of services & assistance. Now customers also get help for filing their tax returns. Officials contact you directly to provide support & remove hindrances through the tax filling process.
Loan Application, Online: Now it’s extremely easy to apply for a loan online without the need to physically visit the bank branch. This is a result of the digitalization wave in the country, where everything can be easily managed sitting at the comfort of your home. Just fill in your requirements online & the relevant documents will be picked up from your address for processing. After that, your approval & disbursement doesn’t take time. Though, there are norms to be followed to qualify for an online loan.
Most banks & financial institutions are doing it all to build a potential clientele & keep it for longer. However, it’s also wise to remember that banks are as easy as hard they can get if the repayments are defaulted & the customer violated the rules.