Personal Loan: The Perfect Fail-Safe During Emergencies
A personal loan can be termed as an emergency fund that gives you access to funds to mitigate sudden incidents/investments that require a lot of money. Tackling these issues with your savings can leave you financially unstable.
Personal loans are quick, unsecured, and have a substantial tenure for repayment. There’s no reason to doubt why people opt for personal loans. With NBFCs in the market today that Personal loan offer competitive rates, and have tie ups with third party vendors, this mode of finance is increasingly gaining popularity.
Here are a few areas where a personal loan can prove beneficial.
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Home Renovation
The cost of renovating a home can be high, but this is where a personal loan steps in to assist in a complete remodel of your home’s interiors. Another benefit is that a personal loan’s repayment scheme is customizable, helping you assess other debts, and plan their repayment accordingly so that the renovation doesn’t take a hit.
This type of loan also helps you purchase new furniture and decor for your house, which can be useful in elevating the value of your home.
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Rejuvenating Vacations
The reason why people plan vacations in advance is that they’re expensive. Such holidays are usually funded by your savings which end up being depleted by the costs of air fare, accommodation, food, and travel.
You can try a personal loan instead, that gives you enough funds to enjoy your holiday, and substantial time to repay the debt on customised installments. Also known as a travel loan, certain NBFCs partner with travel establishments to provide tour packages—with lucrative offers—that can be paid off with such a loan.
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Car or Gizmo
A new car in your recently refurbished garage, or a 56-inch plasma TV on your living room wall; sounds like a dream doesn’t it? Well, for some it is a dream to get their hands on a new car’s steering wheel or the controls of a high definition TV. But these objects don’t come for cheap, and require your savings to be utilised for its purchase.
A personal loan that offers a minimum rate of interest and easy repayment methods, however, does turn this dream into a reality. It’s also easy to procure as many NBFCs have the option of online personal loans that require a few clicks of a mouse to get the funds sanctioned.
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Weddings
Gadgets, gizmos, vacations, and a house renovation might be one thing, but what’s more expensive and valuable than all four, is a wedding. Well, they’re undoubtedly expensive, as you’ll have to shell out a lot of money for the food, accommodation, furniture, flowers….the list is endless. You could try to manage these expenses with your savings, but that’s never a good idea.
So, what do you do?
If you’re thinking about a personal loan, apply in advance to plan out the wedding meticulously. With convenient repayment schemes, and reasonable interest rates for personal loans, this kind of loan is the perfect fit for a big bash.
So, now you know what these loans can do. They’re quick, easy to repay, and offer you an amount as requested by you. However, bear in mind that lenders will have hidden clauses and charges in their loan policy, which must be carefully evaluated with the help of financial experts, in order to avoid paying more than your borrowed sum.
Category: Loans
