An unsecured form of credit, personal loans, is an efficient way to deal with planned and unforeseen expenses without pledging any valuable personal asset as collateral to the financial institutions against the loan amount. Offered at an affordable rate of interest and flexible tenures, personal loans come without any obligations. The corresponding funds can be used for various purposes, including a medical emergency, home renovation, dream vacation, or pursuing higher education.
Before finalizing the lender, you should compare the personal loan interest rates and loan processing period of different financial institutions to minimize the final repayment amount and obtain the best deal. Fullerton India’s urgent personal loan can be acquired at attractive interest rates within a few days through minimal documentation and quick disbursal without any hassle with a wholly contactless and paperless process.
Scroll down to know about the seven emergencies where a personal loan can prove to be your lifeline.
● Health emergency
In case of an unforeseen health emergency of a family member, the hospitalization and medical cost can drain your preserved wealth at an alarming rate. While most people have health insurance to save them from facing financial hardships, it might not cover all related expenses. Especially in the ongoing times of the corona crisis, medical charges could prove to be quite the challenge, and availing of personal loans could allow you to handle things more efficiently. Due to its collateral-free nature, personal loans could be approved within a few days upon applying, and the required money shall be deposited in your account for paying the medical bills.
● Higher Education
Even though the education cost is increasing at all levels, one must have sufficient funds to meet the expenses of studying in a reputed college or university. And suppose you aspire to travel and stay abroad to obtain a foreign university degree. In that case, the overall cost shall include living charges, travel charges, and other regular expenses, which might land you and your family in financial troubles. While many academic scholarships could help you save money, opting for a personal loan seems to be a reasonable decision to ease your worries. Offered at an attractive rate of interest on a personal loan shall take care of the education-related expenses while you go out to make your dreams come true.
● Family holiday
Family vacations or dream holidays with friends or solo travelling often brings back our joy and enthusiasm, usually drained by the monotonous routines of our daily life. But, travelling also demands a substantial amount of preparation and money at every step of the trip. While you could take care of the planning, a personal loan could help you with enough funds to travel without jeopardizing your financial stability. A source of immense bliss and enjoyment, travelling plans should not be delayed due to a shortage of funds. Hence, you can opt for a personal loan with flexible repayment tenures while you pack your bags to explore new places and cultures.
● Plan Wedding
Another big reason to apply for a personal loan in India is for planning a grand wedding for our children or siblings. An occasion of meeting old friends and relatives, even the distant ones, marriage preparations can take a toll on your finances if not handled prudently. Hence, you must take a personal loan to manage various expected and unexpected expenses encountered during an Indian marriage function. Packed with a quick disbursal guarantee and easy monthly installments (EMIs), a personal loan could help you plan a wedding ably without worrying about funds spiralling out of control.
● Home Renovation
Whether you are moving to a new place or thinking of repairing certain things in your current one, the restoration requires a significant amount of money. One cannot live with a damaged wall or leaky ceiling, and such situations require an emergency renovation that might burn a hole in your pockets. To tackle such problems, you could always opt for a personal loan to take care of renovation expenses, which allows your savings to remain intact if you need them for other emergencies.
● Debt consolidation
Personal loans are also a great way to consolidate your existing debts, charging a higher interest rate. While you may not be able to keep track of various loans and the associated monthly installments, a personal loan could be availed to streamline the finances and focus on paying off a single EMI at a fixed rate of interest. Additionally, repaying the personal loan EMIs on time without any default plays a crucial role in boosting the credit history and improving the CIBIL score of the borrower.
● Start a Business
Lastly, one can opt for a personal loan for establishing or expanding their business. Whether it is setting up an office space, designing an interactive application, or purchasing high-grade machinery for your organization, personal loans could always provide substantial funds to support your business idea and help you reach new heights in your endeavours.