Top 9 Reasons Why People Take a Personal Loan

Whenever there is a financial emergency or a crunch, you look for ways to get instant access to funds. One way to get funds is to avail a personal loan. A personal loan is an unsecured loan. Banks and NBFCs do not ask for your purpose to avail a personal loan. Hence you can use a personal loan for any kind of financial need. It does not require any collateral. We have listed down some of the top reasons why people prefer to apply for a personal loan instead of other loans.

1. To manage Wedding Expenses

An Indian wedding is nothing short of gala event in your life. From choosing the best venue, jewelry, decorations, apparel and what not, the list of expenses is endless. Yet this is a major event in your life and you would want it to be perfect. You can avail a personal loan and plan your wedding without any stress.

2. To Finance a New Business

To start a new business is a big step and to run this business you need funds. You can avail a personal loan to give the much-needed boost to your business idea. Once it picks up and you start earning, you can repay the loan.

3. To Pay Medical Bills

There might be a chance that your insurance plan might not cover a certain treatment or hospital. Hence when it comes to paying bills for the same you can take a personal loan.

4. To Pay Credit Card Bills

If you feel that your credit card bills from multiple banks are piling up each month and you are having a hard time managing them, you can avail a personal loan to pay off the entire amount and repay EMIs to only one recipient.

5. To Buy a Car

Purchasing a car of your choice is a big expense. Instead of spending all your savings you can avail a personal loan. There is no hypothecation as this is an unsecured loan. Hence you get the full ownership of your car.

6. To Buy a Two Wheeler

Though a smaller purchase than a Car, buying a two-wheeler too involves spending a huge chunk of money from your end. If you wish to not do so, then you can avail a personal loan for it.

7. To Go on A Vacation

Going on an exotic vacation it the ultimate way of giving yourself a break from the monotony of everyday life. Gone are the days when you have to save for that annual trip with your family. You can now take an instant personal loan and set out on your vacation.

8. To Pay for Long Distance Relocations

Whether it is a promotion at work or getting selected for higher studies in the college you want, moving your life from one place to another involves spending money. Moving things locally is not difficult but if it is another state or country altogether then you can consider taking a personal loan to cover the expenses.

9. To Renovate a House

Home renovation is like giving a new soul to your home. Whether it is upgrading your kitchen or giving new interiors, home renovation requires a set budget. Once you have decided how much can be spent on the renovation you can apply for a personal loan.

Nowadays lenders also provide you the service of calculating your EMIs beforehand and get an estimated amount which you will have to pay each month. You can use the personal loan EMI calculator to calculate the EMIs. Personal loans are a comfortable and hassle-free option to get instant funds for immediate expenses.

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