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How does a personal loan help in savings?
Posted on Monday, December 26th, 2022 | By IndusInd Bank
Personal loans are a fast and simple way to secure instant funds for immediate expenses. They don’t involve tedious paperwork, collateral, long waiting period and hence have been getting increasingly popular in the recent days. IndusInd Bank offers comfortable loan tenure, doorstep services, quick processing and disbursal of personal loans, making us the most preferred choice amongst loan seekers.
How do personal loans help in savings?
There’s more to personal loan than you might think. Apart from quick and easy loan disbursal, personal loans are also a great way of keeping your savings goal on track. Let’s take a look at how personal loans help in the context of savings.
1. Paying off high-interest rate debt – If you are paying off debts with high interest rate across multiple channels such as car down payment, medical emergency loan or high credit card bills, you can avail a cheaper personal loan to pay off all your debts, and kick-start your savings plan.
2. Avoiding huge penalties on delayed payments – Certain banks charge a hefty fee or a penalty if their customers miss paying their credit card bills or loan EMIs in a timely manner. These penalties reduce the amount you could have saved or invested. Avoid such circumstances by taking a personal loan at a lower interest rate and paying off all your high-interest debts at once.
3. Keeping savings intact – At some point in life, all of us have found ourselves in a situation with unforeseeable expenses. People tend to break their savings in such cases. If you don’t want to break your savings or long-cherished FD, IndusInd Bank’s low interest personal loan is the way to go. First step towards keeping your savings intact is opening a savings account with IndusInd Bank.
4. Improving credit score to avail loans at lower rates – Defaulting on your loan re-payment has negative impact on your credit score. If you avail a personal loan to avoid delayed payments, you may get an improved credit score. This will help you get a better rate on the loans in the future.
5. Reducing tax outgo – The cost of interest from taking loans may help you reduce your total taxable income. Additionally, if you have availed personal loan for construction or repairs renovation of your house property, you can claim the deduction on interest under section 24(b).
How to get a low-interest personal loan instantly?
Now that you are aware of how personal loans can help you save more, let’s take a look at how you can get an instant personal loan at attractive rates with simple paperwork, quick processing and speedy disbursal with IndusInd Bank.
Step 1 – Share your details
Visit Indus easy credit and enter your PAN, Aadhar-linked mobile number, email address and your current pin code. Verify your mobile number by entering the shared OTP.
Step 2 – Select an offer of your choice
Once your number ID is verified, you will be redirected to a page where you may select the amount, tenure and payment methods for your loan.
Step 3 – Complete your application
Keep your Aadhar, PAN, address and income details handy for faster completion of application form.
Step 4 – Get the money in your account
Once your application is complete, a trained official from IndusInd Bank will reach out to assist you with the sanction and disbursal of loan.
IndusInd Bank’s instant personal loan is one of the quickest ways to get easy credit. Don’t wait for important things in life, apply now!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
