Millennials have naturally developed a different perception about personal finance, credit approach, and utilization of financial services as they are living in a world of rapidly advancing technology and have even experienced recession.
The fact that there are various accessible online platforms on which they can apply, greatly influences and attracts these millennials towards personal loans.
Millennials also opt for personal loans due to the decline in the utilization of credit cards. They prefer cash or debit cards over credit cards.
Mumbai, also known as the commercial capital of India, is one of the most important cities in the country. With a population of over 13 million, sustaining lifestyle or taking care of unforeseen expenses like medical bills, travel expenses, education fees, etc. can be very difficult and challenging for millennials living in a large city like Mumbai.
Therefore, they prefer to go for an instant loan in Mumbai for a variety of reasons.
1) Availing personal loan for children’s education
It is every parent’s wish to provide the best to their child, especially when it comes to his/her education but getting admission at a prominent institute can be quite expensive. By applying for a personal loan, millennials can easily overcome this financial hurdle.
2) Consolidating the debt
Financial trouble arises when people have numerous loans or outstanding credit card arrears, all having varying balances due and interest rates. In such situations, a personal loan can come to the rescue by combining these substantial balances into a monthly payment and hence, makes it easier to pay off the debt.
3) Paying off for a wedding in the family
A wedding loan can be taken to cover the large expenses such as venue, bridal dress and even for smaller expenses like decorations, a wedding planner, photography, etc.
4) Making medical payments
Medical expenses are generally unforeseen and can take a toll on savings and income, especially in a large city like Mumbai. By applying for an instant loan in Mumbai, it becomes easier to pay for the additional charges such as medications and post-operative care along with the expenses of procedures like surgery and operations.
5) Personal loans for home remodeling
A personal loan is a significant alternative to pay for home renovation or remodelling. Nowadays, replacing inexpensive household decorations, updating any room with a fresh coat of paint, refinishing kitchen cabinets or putting on a new roof has become more convenient with a personal loan.
6) A dream vacation is now possible with a personal loan
Just as a personal loan can help to pay off the wedding expenses, it can also help millennials by funding their vacations. According to a survey by IndiaLends, there has been a 55 percent growth in personal loans for travel reasons and out of these loan seekers, 85 percent are millennials.
7) Personal loan for car payments and vehicle repair
Millennials can apply for an instant loan for making big purchases like cars, bikes and other recreational vehicles as well as for their repairing and servicing.
Therefore, millennials who apply for an instant loan in Mumbai get to enjoy the unique benefits of personal financing like easy availability, quick funding, multi-purpose loan, variation in interest rates, lesser paperwork, no requirement of collateral and many more.