Financial needs don’t always appear when you are ready and have a planned approach towards them. Often, a need for immediate finance crops up when you least expect it and may get you in trouble if it remains unplanned. Years before, when people sought financial aid, they approached money-lender to smother their credit needs. Today, all personal credit requirements are met, availing handy and hassle-free Personal loans.
Designed as a quick solution to immediate financial needs, a Personal loan is an unsecured form of credit provided by credit-lending entities like banks, NBFC or Fintech. A Personal loan does not seek any collateral like your home, land, jewellery, etc., Made to aid you in times of financial distress; a personal loan can be sought for multiple reasons, including debt consolidation, financing your educational expenses and more.
Listed below are some of the major situations that can be dealt with, availing a Personal Loan.
Multiple loans result in higher and more EMIs that can be a serious back pain for borrowers. Repayment is not an issue, but the higher number of loans are. Thus, to combat and wipe out the piling EMIs, a Personal Loan can be acquired to consolidate all your debt in one single and easy-to-pay loan.
Credit card loan
Credit card loans are massive and charge a considerable interest rate annually. Offering easy credit, credit card loans charge up to 40% of annual interest, raising the total sum amount of your repayment. A personal loan charges interest up to 15% of your loan amount. Thus, a personal loan helps you save on your interest costs keeping your credit history intact.
Unwarned contingencies can aggravate your financial inadequacies. Situations like a medical emergency, asking for immediate financial attention and the exorbitant hospitalisation costs may put you under grave helplessness. Medical insurance policies do not assure you 100% coverage as the sum is usually breached by astronomical medical costs. You may have to arrange funds for a life-saving surgery requiring an immediate cash deposit at the front desk. With a quick turnaround time, a personal loan comes to your rescue, assuring credit in less than 24 hours.
A substantial amount of money is needed to make your big day bigger. With the rising inflation and expanding wedding costs, financial aid to fund a wedding is a given. For borrowers with a regular stream of income, funding a wedding by availing a loan is the most logical step to get financial aid and keep their credit history maintained.
Ruloans is India’s leading financial products distribution company that helps manage your financial needs: Home Loans, Personal Loans, Loans against Property, Business Loans, Auto Loans, Credit Cards, Balance Transfers, and many more. Our vision is to be recognised for value creation, transparency, and the most extensive distribution capabilities in the financial industry. We also have an exclusive DSA Partner Program for several professionals to leverage their skills and make the most benefits. Ruloans is present across 1200+ locations with over 7000 employees, consultants, and referral partners. Ruloans association with ~150 financial institutions, including banks, NBFCs, and Fin-tech, gives a wide choice for customers to choose from. Thus, we help you borrow right.