Personal Loan Can Help You Meet Your Financial Needs!
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 or finance an event, get your home renovated or finance your trip, a personal loan can be your best bet. Personal loans, today, are easy to avail with simple documentation, easy eligibility and convenient repayment options. They are also come with many 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 one of the most popular financing option in India.
While a personal loan is easy to avail, it can be availed to accommodate a wide bracket of financial needs. All you need is a stable monthly income and repayment capability for availing a personal loan to fulfil your financial needs.
Financial needs you can meet with a personal loan
There are different kinds of situations where you will have an urgent need of money that can be financed with an instant money loan. Here are some of the most common and most urgent of these:
Paying fees for higher studies
If you wish to pursue a higher education, whether it is 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 do have medical insurance, this is not as common as it should be. Further there is also the chance the even for those people who do have 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 as well as any other ancillary expenses that may arise.
Urgent need of home repair
Home repair is a common expense that home owners feel burdened with. Whether it is a regular wear and tear or a big collapse because of a natural calamity, you might find yourself in need of urgent funds to mend the house. 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 it in easy EMIs. You can also claim tax benefits on your personal loan for home improvements.
Urgent need of 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 at the same time and they find it hard to keep pace with them. For anyone in such a situation, getting an instant money loan can be a great choice 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 different ways to source funds to tackle urgent needs, personal loan stands out because of many reasons. It’s easy, simple, tailor-made loan instrument that comes at an attractive interest rate.
Here are a few reasons that explains why a personal loan is better than other financing options –
- 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 office do a lot of complicated paperwork to get money out of investments. All of the work can be done by 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 which may take days or even weeks to process your loan request, an app based loan will be sent to your account in a matter of minutes.
- Third reason to choose a personal loan is its easy accessibility. Many times, you will need to prove that you earn a high figure in salary or from your business or profession. This is generally not the case with an instant money loan. Someone who is earning as lows as just INR 15,000 every month is also eligible to 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 submit is a copy of your Aadhaar Card, a copy of your PAN Card and a copy of the account statement. For salaried people, the statement should be for the account where they get salary. For self-employed people, the statement of account with highest number of transactions should suffice.
- The fifth reason is that you do not need to put up any collateral or guarantee to avail a personal loan. The eligibility of a personal loan entirely depends on your monthly income and your 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.
Finally, it is important to understand that you should be very careful with loan repayment. A personal loan is a very powerful financial tool and must be wielded with extreme care and caution.