When, how and why a Personal Loan can be a financial lifesaver?
Life is full of surprises and sometimes you may face emergencies or events that may require urgent cash. In such cases, you can apply for an instant Personal Loan to relieve you from financial stress.
A Personal Loan can come to your rescue in any situation that requires urgent funds be it financing a medical emergency, a wedding, home renovation or even a family holiday. A Personal Loan is an unsecured debt that does not require any collateral to pledge against the loan amount, which is why Personal Loan interest rates are usually higher than other loans.
Why People Opt for Personal Loans?
Personal Loans can be used for any financial needs since there are no restrictions on how you spend the sanctioned amount. Here are the reasons why people generally take a Personal Loan:
- For funding the life events: Usually, life events like marriages, engagements, and other occasions can be costly affairs. These events cannot be ignored or compromised on in order to save money. Thus a Personal Loan can be used to meet the expenses of such events.
- To pay your home loan: People generally take a home loan for buying a home, but this often involves putting your home up as collateral. Since home loans are of a substantial sum, you can use a Personal Loan to reduce your principal in order to decrease your home loan tenure or EMIs. Sometimes, Personal Loans are also taken to finance the down payment for a home.
- For home improvements: Getting repairs done in your home and buying any home appliances or durables also require a significant amount. Instead of digging into their savings, people take a Personal Loan to meet such expenses. It helps in getting your home painted, getting repairs or renovations done, to buy any equipment or fixtures or anything else without facing a financial burden.
- To pay your credit card bills: Credit cards charge a higher rate of interest on outstanding amounts. So in case you have purchased a big-ticket item and are unable to pay the credit card bill on time the, your purchases can cost you even more. In such cases, a Personal Loan may be to repay their credit card bill on time, which can help you save money on credit card interest.
- To take care of family emergencies: Medical emergencies are part and parcel of life. They can crop up anytime and cannot be postponed. In some cases, health insurance is able to take care of the medical bills up to a certain extent and after that the remaining amount may put a dent on your savings. In some cases, you may not even have sufficient funds to pay off these bills. During such circumstances, people tend to take a Personal Loan for paying medical bills. This ensures that the best of medical services are provided to you and your family in times of need.
- Holiday travel loan: These are the Personal Loans that are exclusively meant for meeting your travel expenses. Whether it is an international or a domestic holiday for your family or a honeymoon for a newly wedded couple, a Personal Loan can finance your dream holiday without putting the pressure of spending all at once. A Personal Loan allows you to repay the loan in easy EMIs without a large financial burden all at once.
Choose a Personal Loan with a low interest, easy online application and instant approval. Bajaj Finserv offers a Personal Loan for all your financial needs up the sum of Rs.25 lakhs instantly with the money credited into your account within 72 hours at a competitive rate of interest. Use the Bajaj Finserv’s Personal Loan eligibility calculator to check your eligibility and apply online here.