Personal loans by nature are unsecured credit options issued by non-banking financial companies (NBFCs) or banks. They are addressed as an unsecured option because unlike auto loans or home loans, you do not require pledging any security as collateral to avail the loan proceeds. No security requirement even makes the personal loan a prudent financing choice during urgent fund requirement.

So, when is the best time to hit on the personal loan apply online option? Mentioned here are some scenarios when personal loans act as a financial saviour.

Medical exigency

Medical emergencies can take a critical toll on your financial condition. Despite holding a healthcare policy, it might not be adequate as they tend to not cover all the expenses. Here’s where a personal loan comes in handy. Funds in the case of personal loans are generally disbursed quickly in a hassle-free manner, which saves you from the stress of using up your investments meant for meeting your long-term financial goals.

Marriage

Marriage in India is a grand affair. This is an occasion that requires adequate funds in place. However, at times the cost incurred at the celebration tends to increase resulting in a financial shortfall. This shortfall can be met by hitting on the personal loan apply online button with a suitable lender. So, whether you require additional funds for catering, flower decoration or shopping, a personal loan option can help.

Relocation

Are you moving to another location? This can be a daunting experience as it requires sufficient funds. In a scenario like this if you are short of funds, you must hit on the personal loan apply option. Doing so can allow you to take care of immediate expenses that may come up due to relocation.

In the case of instant fund requirements, you may consider opting for a pre-approved personal loan option. Such loans are often disbursed on the same day as the loan application. However, as they are instantly disbursed and require minimal or no documents for their processing, the personal loan interest rate may be higher than other types of loans. So, before you zero in on a specific loan deal, ensure to compare among distinct lenders to select the best option. You may even use an online personal loan EMI calculator to decide on the prudent lender.

Unplanned trip abroad

Owing to financial restrictions, many consider postponing their vacation trip to later. However, with a personal loan, now you do not need to postpone your trip. Using a personal loan, you can fetch the required funds quickly and repay the same in the form of EMI over a span of five years as per your repayment potential and cash inflows.

So, you can avail a personal loan for any personal or professional purpose. However, note that the procured funds cannot be used for any speculative purpose like gambling, purchasing assets like gold, equity, or debt or investing in markets.