A whopping 34% of the Indian population comprises millennials who fall within the age bracket of 18 to 35 years (source). Also called the Gen-Y, this group of people is tech-savvy and wants instant gratification. They want to fulfil all their desires, and they don’t hesitate in upgrading their lifestyles using loans. Hence, flexi personal loans are a popular choice among them.
Flexi personal finance are a type of personal loans that have a pre-approved cash limit. These loans are available instantly and are approved easily too. You can spend the amount anywhere you want. Also, you only have to pay interest for the amount you use. Moreover, flexi personal finance allows you to foreclose the loan at no extra charges. With all these benefits and many other reasons listed below, this kind of unsecured loan is the perfect match for the millennial generation.
Gen-Y is all about wanderlust, and flexi personal credit or loan enables these people to go to exotic locations without worrying about expenses. To fund last-minute trips or planned vacations, flexi personal finance comes in very handy as they have affordable personal loan interest rates and also, the interest is to be paid only on the amount used.
Moreover, paying exorbitant amounts in small EMIs feels easy as compared to paying all at once. Hence, flexi personal finance is gaining popularity among the people of this generation.
As these individuals are tech-friendly and have accessibility to the internet, it is quite convenient for them to get these loans. They can easily acquire personal finance using digital lending platforms by fulfilling the personal loan eligibility criteria. Moreover, these loans get approved pretty quickly, and they receive instant funds. Also, they get a lot of options online, which makes the process easier.
The lenders have started noticing these patterns of the millennial generation. Hence, to attract more customers from this part of society, they are introducing attractive offers to lure them in. For instance, several lenders have started providing lower personal loan interest rates to women of this generation and flexible repayment alternatives to others. Some also provide the option of unlimited cash withdrawals and interest-only monthly instalments.
This technologically inclined group of people enhance their lifestyles by using high-end gadgets that make their life easier. To fund these expenses, they prefer to avail of personal finance rather than utilising their hard-earned savings. Millennials also tend to spend on fine dining and other recreational activities and pay for them later.
Thus, flexi personal finance is a perfect fit for millennials as these loans not only fulfil all the aspirations of this generation but also help these credit-conscious individuals in building good credit profiles. What’s more, not only flexi personal finance but regular a personal loan is also favoured by this generation.