Personal loans are the most sought after collateral-free loans which are available at a competitive rate of interest by various banks and NBFCs. The best part about a personal loan is the fact that the borrower can use the loan amount as per his jurisdiction. They can use the loan to meet their personal needs. Here are the top 9 reasons why people choose a personal loan over other loan products.
- Financing Wedding
Weddings in India are an exorbitant affair which takes into all the life savings and still requires more. One often requires continuous funds to meet various wedding-related expenses like taking care of shopping, venue, menu, pleasantries etc. Borrowing from a relative or friend at such hour and event results in embarrassment. A personal loan is the
best option for taking care of wedding-related expenses. One can get a comfortable EMI made and repay the loan amount in easy instalments later. The loan amount can also be kept as emergency funds in the bank to take care of expenses post the wedding or utilised in enjoying the dream honeymoon.
- Financing your Vacation
Vacation is the most neglected aspect for many people. But it is one essential break which is required to relax and rejuvenate from the basic mayhem of life. Usually, people save for their vacation but this can be a long process. A personal loan can be availed to take the much needed holiday. One can use the loan amount to pay for transportation, accommodation, tickets, food, travel etc. Personal loan offers you the liberty to use the funds as per one’s will and choice.
- Financing Education
With education getting expensive by the day, it is evident that one requires plenty of money. Education loan only takes care of the tuition fees whereas all other expenses viz. hostel charges, transportation, food, stationery, books et all needs to be borne by the borrower. A personal loan can help in meeting and realising all these expenses without putting a burden on the pocket.
- Undertaking Home Improvement Projects
Home improvement projects require a good amount of funding. And this is one expense which one cannot avoid. To renovate and make changes to your home, one can avail a personal loan which is now easily available and pay back the borrowed loan amount in easy monthly instalments.
- Taking Care of Medical Emergency
A medical emergency can be physically and mentally exhausting. While medical insurances take care of only the medical bills that too with terms and conditions, a personal loan can be availed to take care of all other major expenses which come along like paying for doctor’s fee, medical tests, medicines, hospital bills etc. With online personal loans available at the click of a button, one can easily get a personal loan approved and disbursed within 1-3 business days without having to frequently visit the bank.
- Buying an Expensive Gadget
Saving for buying self the latest gadget can be long and tiring. With technology changing the façade of the innovative products that are being launched every day, one can easily grab their covetable gadget using the personal loan amount as and when they want.
- To Fund Business
New businesses require dearth of funds. While business loans are available but one may not get access to the loan amount they would want to meet their everyday funding requirements. A personal loan comes as a saviour during such an hour. One can use the personal loan amount to meet their everyday business expenses
- To Consolidate Debts
Personal loans are offered at a comparatively lower rate of interest in comparison to credit cards. One can avail a personal loan to clear off their higher interest rate debts and loans. This helps in saving some money which would have otherwise gone as interest.
- Financing a Car
One can avail a personal loan to either pay for the car on a lump sum or paying for the down payment of the same. A car loan can sometimes be expensive and in case of default, there is a risk of losing the car. Personal loan, on the other hand, being unsecured doesn’t come with this burden.
Avail personal loan through LoansJagat portal for quick loan approval and disbursal. LoansJagat Personal Loan is easy to access and allows the borrower to compare and choose the best lender as per his needs and requirements. One can also check eligibility criteria and calculate personal loan EMI for different lenders on their platform.