5 Scenarios Where You May Need Personal Loans
While Personal Loans are now readily available, it is essential to be a responsible borrower and only apply for such loans when you need them. Check out five scenarios in which a Personal Loan makes sense.
India has mostly been a loan-averse country. Most people, especially the seniors, prefer living within their means and saving for the future rather than borrowing and repaying. While this mindset does have its benefits, there are several instances in our modern lives where taking Personal Loans makes much sense.
1. Medical Emergencies
Even if you do have an emergency fund for medical expenses, the high cost of healthcare in the country often makes such funds inadequate. Moreover, the nature of such emergencies is as such that you need quick access to funds. Many of the banks now approve Personal Loans on the same day of application to make sure that you can manage such emergencies and can give the best of medical care to your loved ones. With minimum Personal Loan eligibility requirements, be rest assured that the chances of loan approval are high.
2. Paying Credit Card Bills
While Credit Cards are powerful financial tools, they can be a burden if not used responsibly. As the interest rate of Personal Loan is generally lower than that of Credit Cards, taking a Personal Loan to pay Credit Card bill is a smart decision too. You can take a Personal Loan and then repay the same in monthly instalments over a tenure of 1-5 years. This can help you save a considerable amount of money.
3. Home Renovation
Another scenario where you might need a Personal Loan is home renovation. There are many different types of renovation requirements of a home which are time-sensitive. For instance, repairing a major leakage before the monsoon or making some improvements to the house before trying to sell the same. If you do not have adequate savings for such renovations and improvements, a Personal Loan can very well manage the expenses. As there is no limitation on how the loan amount can be used, Personal Loans are highly versatile.
4. Higher Education
The job market in India and all over the world are now highly competitive. This makes it very important for any working professional to update their knowledge and skills regularly. There are now many different types of courses that can help one improve his/her career prospects. If you are unable to manage the fees of such courses on your own, taking a Personal Loan can be a great option. This can help you take advantage of better professional opportunities and earn more. As Personal Loan requirements are generally minimum, even someone who has recently started working can get the loan approved.
5. Wedding Expenses
Big fat weddings are somewhat a norm in the country. Needless to say, the whole wedding affair can be costly. No matter if it is your wedding or of someone in your family, a financial setback is mostly unavoidable. A Personal Loan is an ideal way to manage the expenses of a wedding. With banks now offering Personal Loans of up to Rs.20 lakh, you can easily get the financial assistance you need to enjoy the wedding just as you had imagined.
Taking Advantage of a Personal Loan
Every type of loan is good as long as you know what you are doing and have a solid repayment plan in place. While there are several scenarios where taking a Personal Loan makes sense, the ones mentioned above are few of the best examples.
Use the Personal Loan eligibility calculator online to check your eligibility before applying to ensure that your loan application is instantly approved without any hassles.
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