Personal loans are rapidly growing in India because of rising middle income salaries
As India's economy grows, more and more people have access to better quality education and work. Indians are experiencing a much better standard of living than they grew up in. Regular income and predictable spending has allowed more personal loan products to penetrate the market and reach more people who previously didn't have access to credit.
Cash flow gaps can be solved with responsible planning and building your credit score over time. While irresponsible spending can create stress, it's also important to know that planned loans that address specific life situations can both be helpful and allow you to grow strong credit and have access to lower interest rates over time.
What are the most common reasons people take out personal loans in India?
Home renovation
Instant personal loans can help finance home renovation projects like repairing a leaky roof or installing new flooring.
Medical emergencies
Personal loans can be used to cover unexpected medical expenses, such as hospital bills, surgeries, or treatments that are not covered by insurance.
Education expenses
Personal loans really come in handy with tuition fees, textbooks, and uniforms, especially during annual school fee season!
Wedding expenses
Personal loans can be used to fund wedding expenses, such as venue rental, catering, decorations, wardrobe and/or travel.
Debt consolidation
Sometimes, instant personal loans can be used to consolidate high-interest debt, such as credit card balances, into a single, more manageable loan with a lower interest rate.
Starting with credit, NIRA is on a mission to bring relevant and accessible financial products to India’s mass market. Learn more at www.nirafinace.com
We understand that everyone's financial needs are unique. That's why we offer personal loans tailored to your specific needs and goals. At NIRA, we offer personal loans that are safe, transparent, and affordable. Our 'No Tension Loans' can be up to one lakh, with fair interest rates (2-3% pm), flexible repayment options (up to 12 months!) , and no hidden fees. If you make more than 11k a month, you download the NIRA app from Google Play and see how much you can get approved for in just 3 minutes.