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Personal Loan: How to Use them the Right Way

By Finserv MARKETS - Jan 29,2020
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The Banking and Finance Sector in India has witnessed a drastic transformation in recent years. Nowadays, you can easily avail a personal loan through a hassle-free online application process. It is a multipurpose loan, and so the loan amount can be used for various purposes. Moreover, since these are unsecured loans, you do not have to provide any security while availing the loan amount. However, in case you happen to avail a personal loan, make sure that you use the loan amount wisely. Here are a few ways of utilizing the loan amount in the right way:

Consolidating Debt

If you are stuck in a debt trap because of defaulting on your credit card payments, or you have various outstanding dues, then you can consider consolidating your debts by availing a personal loan. This will allow you to save a large amount of money by reducing the overall interest outgo. In addition to that, consolidating your debts will also make repayment easier as you won’t have to take care of multiple EMIs. You will just be required to repay your loan within the stipulated time.

You can apply for a Bajaj Finserv Personal Loan and consolidate your debts with ease. A high credit score will help you avail a higher loan amount at a competitive interest rate. Therefore, make sure that you have a decent credit score before applying for a personal loan.

Home Renovation

To keep your home in good shape, it is essential that you renovate your home at regular intervals. This will not only make your home look attractive but also keep the value of your property intact. Thus, in case you ever consider to sell your house to purchase a new one, you can get a good amount for your property. Instead of liquidating your savings for home renovation, you can consider availing a personal loan to finance the same. This will keep your savings intact for unexpected financial emergencies.

For Business Expansion

If you own a business and you are in need of funds for its expansion, you can consider availing a personal loan. Unlike most business loans, these loans are unsecured. Therefore, you won’t have to pledge any collateral while availing the loan. The amount can be used for various business purposes such as managing working capital needs, improving the infrastructure, hiring skilled employees, marketing and promotion of products or services.

You can easily apply for a Bajaj Personal Loan online from the comfort of your home. Simple eligibility criteria, minimal documentation, instant approval and quick disbursal of the loan amount are some of the major benefits of availing a personal loan for business at Finserv MARKETS.

Medical Expenses

Since life is full of uncertainty, medical emergencies can arise anytime. In such cases, a personal loan can prove to be extremely helpful in taking care of the medical expenses, including the cost of treatment and hospitalization. A Bajaj Finserv Personal Loan can be availed instantly and hence it is one of the most preferred choice of financing in times of emergency.

Wedding Expenses

Wedding day is one of the most important days of a person’s life. People leave no stone unturned to ensure that their wedding is perfect and memorable. However, organizing a grand wedding can prove to be an expensive affair. This is where a personal loan can come to your rescue. You can avail the required amount instantly in a hassle-free way.

 

Personal Loan

Funding Children’s Education

If your child wishes to pursue higher education in a foreign university, you can consider availing a personal loan to finance the expenses. The loan amount can be used for paying tuition fees as well as for accommodation purposes. Instant approval, attractive interest rates, flexible repayment tenures and quick disbursal are some of the major advantages of availing a personal loan at Finserv MARKETS.

Now that you have a fair idea of various ways of utilizing the personal loan amount, make sure that you use the loan amount wisely. It is advisable to compare various loan offers provided by different financial institutions before availing this loan. This will help you make a well-informed decision. You must compare the interest rate, processing charges, prepayment penalty, and repayment options before making the final decision. You must settle for a personal loan with competitive interest rate. This will not only reduce your repayment burden but also help you save a large amount of money in the long run.

You can opt for a Bajaj Finance Personal Loan available at Finserv MARKETS to meet your fund requirements. Once you fill the application form and upload the required documents, your loan application will be approved instantly and you will receive the loan amount in your bank account within 24 hours. Additionally, you get the option to customize your loan as per your requirements. Therefore, you can select a loan tenure that would allow you to repay the loan without straining your finances. So why wait? Avail a Bajaj Finance Personal Loan and take care of your financial requirements in a hassle-free way.

“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