Unlike earlier generations, millennials now do not wait long or save bit by bit before making a big purchase or expense. Thanks to the digital lending platforms and NBFCs that offers instant easy and fast loans, to people.
Today, millennials, apps and tech are ruling the world of business. The market has also adopted a new approach to providing loans. Unlike earlier generations, millennials now do not wait for long or save bit by bit before making a big purchase or expense. Thanks to the digital lending platforms and NBFCs such as LoanTap, Bajaj Finance, EarlySalary, PaySense, MoneyTap, and Qbera, that offer instant easy and fast loans to people. These new age lending models mostly target millennials and cater to their demands with instant cash, competitive rates, improved customer experience, and streamlined processes. Companies have also started providing specially-crafted different types of loans catering to one’s need. Starting from holiday loan to advance salary loan to wedding loan, you can get it all.
If you are also planning to take a loan, find out these specifically-crafted 5 types of loans configured for today’s millennials;
Advance Salary Loan
Digital lenders such as PaySense, MoneyTap, LoanTap, EarlySalary, Qbera and many more extend loans to individuals in case of a financial emergency or for short-term expenses. Advanced salary loans, as the name suggests, are like advance salaries given to individuals within a matter of few minutes for a short period of time. These instant credit providers offer a loan up to a certain percentage of one’s salary. These lending institutes have a tenure ranging from 1-12 months. Individuals who are turned down by banks because of poor credit score or no credit score at all can also opt for a loan from these platforms. These instant credit platforms also give loans to people, who have a credit score as low as 600 or who are new to credit and have no score at all.
The trend of extravagant weddings recently had uplifted the idea of wedding décor in India. Everybody wishes to have a lavish wedding and consequently, shelling out a huge amount of money. To make things easy, many lenders are now also offering finances specific to wedding requirements. Now, from a destination wedding to designer clothes, you opt for it all with this specially crafted loan. Some companies also tie up with various service providers, making the whole thing easy for the borrower. Some lenders also offer the wedding loan with interest-only payment for the first 5 months.
High-end bike loan
Besides luxury cars, owning high-end two-wheelers is also becoming quite popular. This trend is seen especially because of the increase in two-wheeler road trips. Not only domestic tours such as biking through Manali and Leh but also biking all the way to Thailand are also seen often. Most digital lending platforms have started premium bike loans, which individuals can opt for if they are planning to purchase a high-end bike.
Millennials are known for this. They travel and holiday loans catering to such needs are offered by most of the lending institutes. Such loans are generally sanctioned within 24 to 36 hours of applying for them and cover all the expense on a holiday. Some platforms also offer up to 3-month interest only payment option to its customers.
This loan is mostly needed by individuals who are moving to a new city or are looking for a better place to stay, which generally comes with high-security deposit. Catering to such individuals, these lending platforms offer rental deposit loans. With this type of easily accessible loan, one also does not need to make a dent in their savings. The interest on the loan amount can also be paid on monthly basis for the tenure of the lease agreement.