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A personal loan offers monetary aid without you having to pledge any collateral. In addition, you are generally not required to disclose the reason for which you need the loan. This freedom of use, combined with the ease of availing a personal loan, makes it the ideal tool to finance a wide variety of expenses with.
Here are 5 common expenses that you can finance with a personal loan:
1.
To
pay
for
medical
emergencies
Medical
emergencies
can
catch
you
off
guard
and
may
result
in
expenses
that
are
steep
and
prolonged.
In
such
a
situation
you
surely
don't
want
to
compromise
on
the
quality
of
medical
care,
so
you
must
be
armed
with
the
necessary
finance.
But
if
the
quantum
of
funds
required
is
high
and
you
don't
want
to
dip
into
your
savings,
it's
prudent
to
opt
for
an
instant
personal
loan.
Depending
on
the
lender
you
choose,
you
can
get
access
to
funds
in
just
a
few
hours.
2.
To
finance
home
renovation
Home
renovation
will
add
value
to
your
property
and
improve
your
quality
of
life.
Thus,
it's
important
from
the
point
of
view
of
preventing
major
structural
expenses
later
and
ensuring
that
your
asset
fetches
you
good
resale
value
when
the
time
comes.
A
simple
way
to
ensure
this
is
by
taking
a
personal
loan.
You
can
make
modifications
to
accommodate
new
family
members,
address
repairs
and
structural
damage,
and
update
your
home
with
the
latest
amenities.
Not
only
do
you
get
the
amount
you
need
quickly,
a
personal
loan
for
home
improvement
also
comes
with
no
restrictions
on
how
you
can
use
the
funds.
Moreover, since you're likely to only have an estimate regarding how much your home renovation is going to cost you, it's worth your while to look for a lender that offers a flexi loan. This enables you to borrow as you need from the total sanction and pay interest only on the amount you use. You can also opt for interest-only EMIs and repay the principal at the end of the tenor to manage cash flow better.
3.
To
take
your
family
on
a
vacation
With
every
member
of
your
family
having
a
hectic
schedule,
vacations
are
possibly
always
a
last-minute
affair.
By
the
time
you
finalise
on
a
destination
and
your
itinerary,
the
prices
of
a
travel
package,
flight
and
hotel
tickets
are
likely
to
skyrocket.
Instead
of
postponing
your
plans
or
settling
for
a
destination
that
isn't
as
exciting,
you
can
take
a
personal
loan
for
travel
and
repay
the
loan
through
easy
EMIs,
over
a
comfortable
tenor.
However, to make the most of this option, it is important for you to choose a loan that has a competitive interest rate and online loan management, especially if you aren't planning a short vacation or are travelling abroad. This way, if you're planning a summer in Europe or camping in North East India, 5 minutes of internet connectivity is all you need to check your personal loan details, request a release of funds and even make repayments.
4.
To
plan
your
wedding
There's
no
celebration
quite
as
extravagant
as
an
Indian
wedding,
and
to
execute
plans
to
the
T
it's
important
that
you
have
a
steady
supply
of
funds.
Fortunately,
a
good
personal
loan
is
all
you
need
to
fund
a
plethora
of
wedding
expenses,
big
and
small.
Finance
from
the
loan
can
help
you
book
the
wedding
venue
and
caterers,
put
together
the
trousseau,
book
hotels
for
out-of-town
guests
and
pay
for
the
honeymoon,
too.
5.
To
consolidate
your
debt
If
you're
a
seasoned
credit
user,
a
personal
loan
can
be
of
use
to
you
in
one
other
way.
Having
too
many
outstanding
debts
isn't
optimal,
especially
given
the
mounting
rates
of
interest
and
the
many
due
dates.
If
you're
all
too
familiar
with
this
predicament
and
foresee
your
debt
getting
out
of
hand,
you
can
consolidate
your
debt.
By
consolidating
your
debt,
you
clear
it
quicker,
reduce
expenses
and
make
managing
deadlines
easier.
Once
you
clear
existing
loans,
you
have
to
tackle
just
one
personal
loan.
To make the most of this option, consider a lender that offers easy repayment terms and a low interest rate. This way you'll be able to make sure that your debt consolidation loan isn't landing you into a debt trap.
Further, if you are applying for a personal loan, check your eligibility by using a personal loan eligibility calculator. While your credit score plays a major role in determining the interest rate you can acquire, matching the eligibility criteria helps avoid any rejections based on non-conformity.
While contemplating on any of these personal loan uses, consider borrowing from Bajaj Finserv. With personal loans up to Rs.25 lakh at nominal interest rates, you can save up to 45% on EMIs by opting for the flexi loan facility.