4 Times When A Personal Loan Can Be A Good Financial Option

personal-loan

Introduction

 

We all want to buy the best of things that money can buy. Everyone wants to save as much income as they can but bills, expenses, loan EMIs and credit card statements leave us with very less. We all want to go see the Louvre in its pristine beauty, see why the Leaning Tower leans, go on a Desert Safari, watch the Champions League Final live at the stadium. Whoa! What an experience that would be!

 

Stop Dreaming & Listen

You want to do all this but have no extra source of income. What do you do then? Do you ask your relatives? No, that would be awkward. You can borrow from a friend, but then you hate casual borrowing and what if a friend were to approach you for a loan one day? Confused? Here’s a better idea: Get a Personal Loan.

Personal loans are unsecured loans that can sort out most of your personal finance requirements. Different from a home or vehicle loan, personal loans don’t require you to provide any commodity or asset as collateral. Isn’t that awesome?  No asset as collateral means your parents are happy that the house is safe, your car remains yours and the world is rosy again.

Personal loans, though available without collateral, need you to be diligent. How promptly you pay your credit card bills, how low is your credit utilization, how faithfully you pay your loan EMIs, are you spending over the credit limit and few more such attributes are taken into account for the credit assessment process. The better your credit bureau score, the better your chances of availing a personal loan. As no collateral is used, your credit bureau report acts as a key to get your personal loan application approved by banks and digital lending platforms. Additionally, digital lending platforms like Loan Singh allow you to clear your loan ahead of the loan tenure without paying any penalty. So you save more instead of paying the interest rates for the remaining EMIs.

 

What’s good about a Personal loan

Easy and swift – At a digital lending platform, everything from application to disbursement happens online. With only PAN and bank statement/net-banking credentials you can apply for the loan.

No collateral – As mentioned earlier, personal loan is an unsecured loan. All you need for a personal loan is a clean credit repaying capability.

Loan amount and tenure – The amount for a personal loan at digital lending platforms range from Rs.30,000 to Rs.500,000. The repayment is done via equated monthly installments with interest rates on reducing balance method. The personal loan tenure can be from 3 months to 36 months.

 

personal-loan

Reasons why you may need a personal loan

You can apply for a personal loan for a variety of reasons. It could be for a hair transplant treatment, home improvement, online shopping etc. Here’s where a personal loan can be a good financial option:

  1. Medical Emergency

Imagine you are with your friends at a weekend party after a tough week at work. Just then your phone buzzes and you get the news that your mother has had a fall and needs to be taken to the hospital. You drive straight to the hospital and find out that your mother needs to be operated as the fall has caused some physical trauma to her head.

Now unless you have sufficient savings kept ready for an emergency like this (odds are you have not), then a personal loan is a perfect option for quick funds.

 

  1. Travel Abroad

You are newly married and already struggling to pay the credit card statement each month. You are trying to save as much as you can to take your wife on an international travel holiday.

Don’t lose any sleep over it; simply apply for a personal loan at a digital lending platform. Next, sit down for a coffee and scrumptious croissants with the Eiffel Tower in the background.

 

  1. Dream Wedding

It’s possible that your prospective in-laws are like the ones in the movies – hard to convince. Months of cajoling now bearing fruit, you have just a couple of weeks to organize your dream wedding.

A personal loan for your wedding is the perfect option here. It is the perfect time to show your would be in-laws what a perfect wedding planner you are and see them beaming from eye to eye when they proudly introduce you to the family

 

  1. Gadget Funding

Just like the majority of millennials out there you too desire an iPhone 7. Great reviews, great performance, great price; would you really spend, all that you have saved up, on a phone and then have no money to spend for your expenses? Definitely not right?

A personal loan would be better option. You are salaried and work hard so you deserve a really good gadget. Apply online and you can have your dream gadget within a few days.

 

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