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Personal Loan Uses

By Finserv MARKETS - Feb 22,2020
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About Uses of Personal Loan

What can I use a personal loan for?

A personal loan is a good option if you’re dealing with a high-interest debt or other expenses. You can use the personal loan amount for a variety of reasons and can offer a solution for a variety of financial issues with ease. Moreover, the interest rates on personal loans are typically lower than credit cards, and most personal loans are unsecured, meaning they don’t require collateral for security. Unlike other loans available in the market, personal loans aren’t set aside for a specific purpose you can use the loan amount for almost any reason.

Vacation Expenses

Whether you’re planning on going for a vacation solo or with your loved ones you can cover all your travel expenses by opting for a personal loan. With this loan, you can easily cover the expenses of the whole trip while making the most of your tour. The aim is to experience the beauty of life by exploring cities without blowing up all your personal savings. For a personal loan apply online and avail instant approval and quick disbursal of the loan amount. Moreover, personal loan interest rates are affordable which will eventually help you save more money.

Home Renovation

If you are looking to renovate your property, you need a good amount of money to refurbish your home. By applying for a personal loan for home renovation you don’t have to worry about the expenses. A personal loan will help you cover the repairing cost, while simultaneously increasing the economic value of your house on the real estate market. As far as the loan amounts are concerned, some banks will cover the entire cost of the renovations such as repainting walls, roof repair, marble flooring, etc. There are, however, many banks that don’t really cover the entire cost but even then, they may cover up to 90% of the renovation expenses.

Miscellaneous expenses

The best part about a Personal Loan is that you’re not required to pledge any of your personal and valuable assets as collateral. The loan amount can be utilized to cover all kinds of expenses. For instance, if you avail a loan from a relative or a friend, and do not have sufficient funds to pay them back at the earliest. For a personal loan online apply and consolidate the debt you owe them without putting your personal relationship at risk. Obtaining a personal loan is quite easy, with simple documentation, quick processing and speedy disbursal it becomes easier to fulfill all kinds of financial requirements.

Medical expenses

Medical emergencies often hit us when we are least prepared to handle them. Such emergencies come along with various medical expenses and if you’re not prepared for the same it might cause a financial strain on your personal savings. In case of critical illness or drastic health situation, your insurance coverage might not cover as much as you’d like. If your insurance coverage still leaves you with significant debt, the personal loan amount can be used as an alternative to help and make affordable loan payments over time.

Top up expenses

There may be possible scenarios where you have already taken a Personal Loan for your financial requirements, but you still face a shortage of finances. You can easily meet the shortfall with a top-up loan. You have the option to combine the top-up loan with your existing Personal Loan or treat it as a separate loan. Many banks offer top up on personal loans with special offers and discounts. A loan top-up is an ideal option if you require urgent funds to meet your personal financial requirements such as business expansion, marriage expenses, etc.

A personal loan is considered useful when used in the right situation. Avoid using it for extravagant and unnecessary spending and apply for it only when you are in need of funds. With Finserv MARKETS you can manage wedding expenses, fund your dream destination, or renovate your home. At Finserv MARKETS the loan application process is quicker and simpler your loan gets approved within minutes and the loan amount is disbursed in your bank account within 24 hours!

They also offer flexible loan repayment tenure with zero foreclosure charges. With the availability of the personal loan EMI calculator, you can easily calculate your monthly installments that need to be paid even before you apply for a loan. Get an instant personal loan today and enjoy all the benefits it has to offer.

Apply for a Personal Loan

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522