More often than not, many women, especially millennials, find it difficult to manage their finances effectively. They end up either saving less, spending more than what is available in their bank accounts, and increasing their credit usage to a large extent. Especially since the beginning of the pandemic, several people have had to use their emergency funds due to an increased amount of lay-offs. However, here is what every woman can follow to mitigate financial stress and gain more financial independence.
Steps to Overcome Financial Stress
A personal loan is one of the most commonly used loans that is availed by many individuals. It is an unsecured loan that you can avail of to meet any need or requirement of yours. You can avail of a personal rate at a nominal interest rate and pay regular EMIs on a monthly basis. Personal loans also help in avoiding bad debt from an accumulation of credit. Sometimes, as credit bills get accumulated over a prolonged period of time, due to expensive late fees and penalty charges, the accumulated amount can turn into bad debt.
With a personal loan, you can settle these credit dues and avoid bad debt in the long run. Moreover, to avail of a personal loan easily and at a lesser interest rate, ensure that you have a high credit score. A credit score above 750 is typically recommended that is a reflection of good credit history. The process of applying for a personal loan is simple and you can use the capital from it for many use cases such as home renovation, travel, marriage, debt consolidation, etc. However, you must be at least 21 years old and at the most 60 years old to avail of a personal loan. You must also have about 2-3 years of work experience to be eligible for a personal loan with a salary between Rs. 15,000 and Rs. 20,000.
Another means to reduce financial stress is to opt for a flexi loan. A flexi loan is different from a term as the amount sanctioned for a flexi loan is not disbursed in one go. Whereas, for a term loan, the entire loan amount is disbursed at one go. A flexi loan is highly flexible as a particular amount as per your need will first be disbursed to your bank account. In case you need more capital, it will then be eventually disbursed to your bank account.
When it comes to paying the EMI, with a flexi loan, you have the option to pay only the interest amount as the EMI on a monthly basis. In this way, the flexi loan is highly affordable compared to that of a term loan.
Women can reduce financial stress and financial instability in their lives by opting for personal or flexi loans while also maintaining good financial habits. To avail of a personal loan, you can visit Finserv MARKETS as it facilitates personal loans from various lenders. You can also benefit from the quick disbursal process and the minimal documentation required to sanction your loan.