In simple terms, a financial product that allows a borrower to meet one’s current financial need without any obligation to offer any collateral to the financial institution is termed as a personal loan. This unsecured loan can be availed for two to five years. In addition, as per the current scenario, the personal loan interest rate ranges from 8.45%-36%, depending on the loan amount.
Here are 4 things that can be done with a personal loan:
- Repayment of Consolidated Debts
One of the benefits of availing a personal loan is the repayment of consumer debts and other liabilities such as student loans and credit card dues. Through a personal loan, a lender can pay off its various dues that are scattered and unmanageable.
One common purpose met by personal loans is the repayment of credit card debts. These days, personal loans are available at a higher scale due to low interest rates in comparison to credit card interest rates.
- Going on a Vacation
You want to explore the world, but financial crunches are confining you? Do not worry. A personal loan can help your dreams come true and take care of all your travel costs. Therefore, once you meet the eligibility criteria, plan your budget accordingly and apply for a personal loan, today.
- Payment for Medical Emergency
We all know medical emergencies knock at the door without any prior notification. In such a scenario, with the facility of instant personal loans and quick loan dispersal, it can help the borrower meet medical expenses immediately.
In contrast, if in the near future, in case of any medical emergency, accumulating funds via a personal loan can be an option as well.
- Meeting wedding expenses
In Indian culture, weddings have always been an extravagant affair. Here, every individual has different plans and dreams to celebrate this auspicious day of their life and leave no room for lifetime regrets. But, there is a cost behind every fulfillment of the plan.
So, for this quest, one can apply for a personal loan and overcome the financial barrier between their dream execution and desire. But, before you take the decision of availing personal loans for wedding, use a personal loan EMI calculator to compute your EMI and move forward choosing the best suitable plan.
Make sure to be aware of the above-mentioned aspects before opting for a personal loan offering. Additionally, consider your eligibility, loan interest rates being offered and choose a deal that best suits your needs.
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