An instant personal loan is perhaps the best invention in the past decade for every working individual. This is a debt given by Banks to any eligible individual for a shorter tenure at certain interest rates.
Today you can get a,
- Personal loan for a salaried employee (Almost every lender provides this service)
- Personal loan for self-employed (more than 50% of lenders provide this service)
- Personal loan for students (few lenders do provide this service)
Any person belonging to the above 3 categories can apply for the loan. All they have to do is find the Bank/NBFC providing the lowest personal loan interest rates & fulfil the personal loan eligibility set by that Bank/NBFC.
In the past few years, a personal loan has been used by people for multiple reasons. Hence we have created a list of Top 10 reasons why people opt for a personal loan. You can read these and keep them as a reference for your future!
- Emergencies – You can opt for a personal loan when you are going through a personal or medical emergency. These loans are instant and you can receive the loan amount within 24 hours* in your account!
- Tuition Fees Education – You can get a personal loan for education too. Moreover, you can use the loan amount for paying tuition fees and courses.
- Home renovation – You can get a personal loan to renovate your home and give it a new look! This is a huge one-time expense that can be fulfilled via this loan amount.
- Festivals – Festivals in India are celebrated in a grand manner where we buy new clothes & give gifts to people. A personal loan can easily help you!
- Buying gadgets – Through a personal loan, you can buy high- end gadgets and smartphones that require a huge amount.
- Debt consolidation – You can close all your smaller debts with a personal loan for debt consolidation. This will help you save a lot of interest money that you’ve been paying extra.
- Travel – With a personal loan for travel, you can visit anywhere in the world. A personal loan for vacation allows you to fulfil your travel goals and not worry about the bills!
- Wedding – You can also opt for a personal loan for a wedding and sort all expenses associated with it to enjoy your special day.
- Improving credit score – Some people opt for a personal loan just so that it reflects on their credit profile. Repaying EMI’s on time will show good credit history and help you in the future to get low-interest loans.
- For Business – There is a personal loan for the business owner specially crafted for his venture. Using the loan amount, he/she can sort daily expenses and much more for the business.
Did you know that people that already have a personal loan can opt for another service that Banks and NBFCs offer? That service is known as a personal loan balance transfer. Through this, you can transfer your outstanding personal loan balance from one Bank to another Bank that offers lower interest rates!
So if you’re looking for the best personal loans, you can apply here