Top 10 Reasons to Get a Personal Loan in India
Money is necessary for needs and wants. It is necessary for basic essentials and luxuries that add comfort to your life. You need funds for special events, emergencies and other reasons for which you require a personal loan. A personal loan EMI calculator will help you know whether your income can help you pay your monthly EMIs. So, use the tool to make necessary calculations and check the loan affordability. Every lender offers different interest rates. Therefore, check the personal loan interest rate. Personal loans are unsecured, and you can use them for any purpose. The article will explore the top ten reasons for getting a personal loan in India.
Top 10 Reasons to Get a Personal Loan in India
The top ten reasons to obtain a personal loan in India after checking the personal loan interest rate and making relevant calculations to ascertain the amount of EMIs you will pay monthly using a personal loan EMI calculator are as follows:-
Renovating Homes
For many homeowners, upgrading homes with the latest and newest amenities is a cherished dream. Like others, you, too, have a cherished desire to upgrade your home with the latest amenities, adding comfort to your life. But, renovating a home requires a substantial amount of money. Thus, consider postponing your decision. Using highly valuable personal loans, you can renovate your home without hassles and fulfil your dreams by upgrading your home.
Holiday or Vacation
Going on a trip to an exotic destination is a dream for many people. You wish to go on such a vacation or holiday with your family. The tour operator you want to book has come with an exclusive package, and the offer ends within the next few days. Your fixed deposit will mature within the next six months. So, what can you do in such situations? You can apply for a personal loan and go on that vacation. With a personal loan, you can embark on your dream vacation and satisfy your wanderlust and travelling passion. You can repay the loan comfortably. You can foreclose the loan after six months when your fixed deposit matures without paying prepayment penalties. Sounds exciting, right? Yes, it’s a win-win situation.
Education Expenses
Although an education loan will manage university fees, there are other expenses to manage. You require money for allied expenses. Travel expenses, books, insurance premiums, security deposit for accommodation, groceries, medical expenses, stationeries, etc., are vital to your higher education. A personal loan can manage such expenses and realise your dream of quality higher education.
Medical Emergencies
Emergencies are uninvited guests and come without warnings or announcements. When you encounter a medical emergency and require to raise funds immediately, an online personal loan can rescue you from a medical emergency. You can overcome such personal crises comfortably because online personal loans are credited within 24 hours. You can get the flexibility of paying the principal amount for the first three months because the normal EMIs will begin after that period.
Wedding Expenses
Marriage is one of the most vital events in an individual’s life. Whether it is your child’s marriage or your wedding, you want everything to be perfect on that day. However, it is a big expense to manage. A personal loan is handy on such occasions. You can effortlessly repay it over the loan tenure. Many financial establishments offer wedding personal loans with attractive terms and conditions and interest rates.
Buy Costly Products
Whether you purchase jewellery, a car, a bike, furniture, a laptop, kitchen appliances, or other gadgets, they are big expenses. A laptop is not a luxury but a necessity. Other than laptops, some expensive products have become a necessity instead of just being a luxury. Even though a shortage of funds may stop you from purchasing the costly product you need, with a personal loan, you can purchase it.
Starting a New Business Venture
The startup culture in India is thriving, and everyone is looking to enter the bandwagon. Regardless of what your innovative idea is, you need funds to give it a proper shape. Suppose you do not have sufficient savings with you. In that case, you can avail of a personal loan to chase and meet your business goals.
Consolidating Debt
Suppose you are running multiple loans but need help keeping track of repayments. In that case, you can apply for a personal loan to consolidate your debt. You can consolidate your debts together into a loan and enjoy easy repayments by opting for a low personal loan interest rate.
Repaying Credit Card Debts
Repaying credit card debts is among the primary reasons to apply for a personal loan. Credit cards have an APR of approximately 48%, which can substantially drain your finances. With a personal loan, you can repay your credit card debt and free yourself from the vicious credit card debt outstanding circle. Furthermore, your monthly expenses won’t be significantly impacted since you’re to repay your loan through EMIs. You can also select the loan tenure per your loan amount and financial condition.
Rental Deposit
Shifting to a new city and searching for rental premises can be tricky. Homeowners levy six to twelve months’ rent in the form of security deposits, which is challenging to handle. Rental deposit loans rescue you from such situations. They’re available for 11, 22, or 33 months. The owner directly gets the rental deposit amount. You should only pay the interest over the loan tenure.
Conclusion
In addition to the reasons specified above, there are multiple reasons for applying for a personal loan. A personal loan can help you turn your dream into reality, wherein you can fund your home renovation expenses via such loans to be repaid in monthly instalments. However, checking the personal loan interest rate is necessary before applying for a personal loan. With the numerous benefits that personal loans bestow on borrowers, they have become an apt option when required. Moreover, use a personal loan EMI calculator to check whether you can afford the monthly EMIs. By addressing your urgent requirements effortlessly, a personal loan can offer you a substantial degree of financial freedom and a peaceful mind.
