Finance Your Dream Wedding, Take A Vacation and More With A Personal Loan
Experts advise prudent investments to plan for a secure future, and some of us follow that advice diligently too. But what if life throws up a moment where you need to access funds urgently? A medical emergency for a family member, where you need to manage the costs of hospitalization or treatment, or urgent home repairs? What do you do if you do not have liquid funds to meet these expenses?
What about an impromptu travel plan to an exotic destination? Or education at a top university abroad for your child? Should you put your big plans on hold because of the lack of funds?
The simple answer is no!
While it is not easy to plan for unexpected expenses, accessing finance to manage them is – by using a Personal Loan. Instant approvals, flexi loans, pre-approved offers and attractive interest rates make Personal Loans the preferred means of financing for people all over the country.
What is a Personal Loan?
A Personal Loan is an unsecured means of financing – it requires no collateral or guarantor. You can use it to meet any expense that you want to manage – health costs, a travel plan, home repairs, or even a second car. You can use it to meet expenses of a lavish wedding too! Not only do you get to access a lump sum amount in one go, you have the benefit of repaying it at your convenience in easy instalments.
Advantages of Personal Loans
As long as you assure the lender that you will not be using the funds for speculative activities, criminal activities or gambling, you are free to use the capital the way you want.
Of all the loans available today, getting an approval for your Personal Loan application is perhaps the easiest. A good CIBIL score and a stable income usually spells approval.
As an unsecured loan, the lender does not have any asset to hold against your loan amount. To make up for the risk, the lender charges higher interest – usually between 12% and 22%. But don’t worry, if you have a valuable asset to keep as security, your lender may reduce the interest rate applicable.
Uses of a Personal Loan
Travel: Many people are finally waking up to the idea of taking a Personal Loan for travel. The thrill of visiting an exotic location, the food, the memories – there are few adventures that resemble travel. But travel, especially international travel needs money. Bajaj Finserv offers holiday loans so that you and your loved ones never miss out on a travel plan for the lack of financing. Simply apply for a travel loan, submit your documents, and receive the money in your bank in just three days!
Weddings: While everyone wants a grand Indian wedding, they can be very expensive. From the décor to catering, clothes to accommodation, there is every likelihood that your expenses may go beyond your initial budget. But that doesn’t mean you should compromise. By choosing to avail a Personal Loan, you can arrange for easy financing at great interest rates to make your wedding the most memorable occasion of your life.
Medical emergencies: A health emergency can come in unannounced – and if you don’t have adequate insurance – severely hurt your finances. But a Personal Loan can be a convenient way to tackle the high costs of hospitalization or medical care. Not only do you have the freedom to access funding without collateral, the 72-hour disbursal guarantee means you don’t have to waste precious time waiting too.
Buying a car: A Personal Loan can be an excellent means of financing If you are buying a used car. The Personal Loan eligibility criteria is often less stringent than that of a car loan. As long as you maintain a stable credit rating and have a plan to repay your equated monthly instalments (EMI), you can access a larger corpus at a more convenient rate of interest.
Clearing student debt: With access to a number of great universities abroad, students can afford a great education with an education today. But student debt is a common feature around us and there are few better ways to repay a student loan than by taking a Personal Loan. Choose fixed payments over a convenient tenure and manage your student loan better.
Managing a large purchase: Replace all the furniture in your apartment, buy the latest flat screen TV, or renovate your home. Put your credit card and the plethora of interest-related costs away. Choose a Personal Loan to manage a large purchase and repay the loan amount in easy installments.
Helps to be informed
Learn all there is to know about your Personal Loan before you set about with the application process.
It also makes sense to keep a track of other terms such as:
Eligibility: Use an online loan eligibility calculator to determine your credit-worthiness for the loan. This is the primary metric that banks and lenders use to analyze your application before approving it. You can also use a Personal Loan EMI calculator to determine your monthly EMIs.
CIBIL Score: The credit bureau associates your financial health with a score out of 900. 750 and above usually implies a smooth approval of your loan application.
Depending on the city you reside in, lenders may have a minimum monthly salary criteria for applicants to meet. You are expected to submit a proof of income such as your salary slips for at least two months along with your identification proof and address proof. Some lenders may also ask for a bank account statement for three months as well a proof of employment.
Whether you’re looking to secure financing for travel or a wedding, consider a Personal Loan as a useful tool to achieving your financial objectives. But remember to conduct fair research before you go ahead and select a lender. Compare interest rates, tenure, top up offers and more before committing.
Bajaj Finserv, one of India’s best known NBFCs offers Personal Loans at attractive interest rates and suitable tenures. You can easily avail financing of up to Rs.25 lakh without leaving the comfort of your home. Simply visit the Bajaj Finserv website, and follow the simple steps to apply for financing.