A financial need can hit you anytime, and a personal loan can come to your aid. Whether you need to make a high-end purchase, finance an event, renovate your home, or finance your trip, a personal loan can be your best bet. Personal loans today are easy to avail of with simple documentation, easy eligibility, and convenient repayment options. They also have attractive features like flexible tenure, zero end-use restrictions, quick disbursals, minimal paperwork, and attractive interest rates. This is why personal loans have emerged as India’s most popular financing option.

While a personal loan is easy to avail, it can be helped to accommodate a wide bracket of financial needs. It would be best if you had a stable monthly income and repayment capability to obtain a personal loan to fulfill your financial needs.

Financial needs you can meet with a personal loan.

There are different situations where you will need money that can be financed with an instant loan. Here are some of the most common and most critical of these:

• Paying fees for higher studies

Suppose you wish to pursue higher education. In that case, whether an MBA from one of the top Indian institutes or an executive program or get a specialization from abroad, you can easily finance some of the expenses with a personal loan. An instant money loan can help you take care of the admission fees, flight tickets, course books, accommodation, or any other small ticket expenses.

• Urgent medical treatment or procedure

While many people have medical insurance, this is not as common as it should be. Further, there is also the chance that even for those people with medical insurance, the treatment is not covered in the policy, or they do not have a cashless facility. In such a case, you can use a personal loan to fund the medical emergency. Use the money to pay for hospital expenses and any other ancillary costs that may arise.

• Urgent need for home repair

Home repair is a common expense that homeowners feel burdened with. You might need urgent funds to mend the house, whether regular wear and tear or a big collapse because of a natural calamity. In such cases, an instant money loan can come to your aid. With quick disbursals and easy repayment, you can get the repairs done and pay for them in easy EMIs. You can also claim tax benefits on your loan for home improvements.

• Urgent need for debt consolidation

Many times, young professionals tend to go overboard with their expenses. This can result in a situation where they have too many active EMIs running simultaneously, and they find it hard to keep pace with them. Getting an instant money loan can be a great choice for anyone in such a situation because they can close all other loans and continue with one fixed monthly payment.

Why choose a personal loan over other options?

While there are many ways to source funds to tackle urgent needs, personal loans stand out for many reasons. It’s an easy, simple, tailor-made loan instrument with an attractive interest rate.

Here are a few reasons that explain why a personal loan is better than other financing options –

1. First, it is very simple to get a personal loan. With a loan app, all you have to do is install the app and provide the necessary details. Your loan can get approved within minutes. There is no need to visit any lender’s office to do a lot of complicated paperwork to get money out of investments. All the work can be done with just a few taps and clicks on your phone or laptop.

• Second, it is very fast to get a personal loan. If you are looking to get an instant loan, all you have to do is borrow it from an app. Unlike any conventional lender who may take days or weeks to process your loan request, an app-based loan will be sent to your account in minutes.
• The third reason to choose a personal loan is its easy accessibility. You will often need to prove that you earn a high salary from your business or profession. This is generally not the case with an instant money loan. Someone making as low as just INR 15,000 every month can also get a loan when needed.
• The fourth reason is that such a loan does not require you to submit a lot of paperwork. If you apply for a personal loan, all you have to offer is a copy of your Aadhaar Card, a copy of your PAN Card, and a copy of the account statement. For salaried people, the information should be for the account where they get their salary. The idea of an account with the highest number of transactions for self-employed people should suffice.
• The fifth reason is that you do not need to put up any collateral or guarantee to avail of a personal loan. The eligibility for a personal loan entirely depends on your monthly income and repayment capability.
• The interest rate on a personal loan is much lower than that of a credit card. This makes it a better option than using your credit card for high-end purchases and covering big expenses. Also, the limit of a personal loan is usually much higher than your credit card.

Conclusion

Finally, it is important to understand that you should be very careful with loan repayment. A personal loan is a powerful financial tool and must be wielded with extreme care and caution.