7 Popular Reasons to Take a Personal Loan
A personal loan seems to be a popular choice among the masses because of their effortless and transparent approval processes. Whatever maybe your reasons to take a personal loan, banks are here to assist you. With its nominal requirements in terms of documentation and securities, opting for a personal loan sure seems like the easy way out if you are in urgent need of cash. Bajaj Finserv is one bank which doesn’t ask for any collateral or securities when you opt for an unsecured personal loan of 5 Lakhs to 25 Lakhs.
While you may wonder if your reasons are valid enough to demand a personal loan, here are some popular ones.
Adding value to your home by investing in a couple of home improvement projects is a smart move. Remodelling your home can increase its resale value. By opting for a personal loan, you can save money on your home equity and on the high interest charged for your credit cards.
Using a personal loan to finance your vacations saves you from the short-term pressure of the credit card payments. With easy EMI options available you can repay the loan within the stipulated tenure while maintaining your current lifestyle.
Traditional health insurances do not cover all the medical procedures. So if there’s a major medical procedure you’ve been putting off for the lack of funds, now it is the right time for you to take the personal loan for medical emergency . Also for unforeseen emergencies, having an access to a certain amount of cash will only lessen your burden of payment.
4. Personal Loan for Educational Purposes
While going for a student loan seems like the right solution when you are short on funds for your tuition, it is still expensive. With tenures extending up to 12-15 years, you would end up paying more eventually as compared to the short-term tenure of a personal loan. With an option to choose between a fixed and floating personal loan interest rate, and the option of pre-paying your debt is an attractive alternative.
A wedding is a delightful occasion but also an expensive one. A low-interest rate personal loan is a perfect way to fund your big day. You can easily repay the loan with a tenure of 1-5 years giving you that much required breathing space to settle into marital bliss.
6. Personal Loan for Used Cars
Banks lend money only if you are looking to buy a new car. Also if you have an existing car loan which you haven’t repaid already, then getting a second loan for a new car is almost impossible. A personal loan can fund the cost of a used car and doesn’t need any securities for the loan approval.
Bajaj Finserv offers 100% sanction of a Personal Loan within 5 minutes of your applying.
You can repay your student, medical, and credit card debts by opting for a loan. The fixed rate of interest for the entire tenure can help you sustain yourself financially when times are tough.