When is it a Good Idea to Avail a Personal Loan?

When is it a Good Idea to Avail a Personal Loan?

09 Sept 2020
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A recent survey has revealed that 72% of Indians are looking to apply for a personal loan in the near future to finance their family needs.  These include repaying an existing loan, education expenses of their children, home renovation, purchasing essential supplies or taking care of the medical expenditure of a family member.

These findings come at a time when the pandemic has led many to rethink their financial decisions and regulate expenditures amid job losses and salary cuts.  If you too are looking for funds immediately, it would be a good idea to check your personal loan eligibility on Finserv MARKETS. However, before you do so, it is important to understand when applying for these collateral free loans makes sense. Here are a few situations in which you don’t have to think twice before applying for a personal loan:

1. Renovating your Home

If you take a secured loan, your lender might probably ask you for a collateral. Most borrowers pledge their house as a guarantor to avail finance. However, personal loans do not have any such criteria along with shorter repayment terms so that you are free from the burden of placing your house as the guarantor for a long period.

2. Repaying a High Interest Loan

You can take a personal loan to repay an existing loan such as credit card outstanding which has much higher interest rates. This could help bring down the amount paid towards interest as interest rates for personal loans are highly competitive and much lower as compared to others.

3. Taking Care of an Immediate Health Concern

 Medical emergencies can come without any notice especially given the rise in chronic health conditions among the Indian population. This coupled with expensive healthcare costs can be a double whammy and catch you off guard putting financial pressure on you, especially if you aren’t prepared for them. Personal loans available on Finserv MARKETS can be approved within 3 minutes of applying online with fund transfer completed 24 hours after your loan is approved. Quick loan processing time and little documentation make personal loans a preferred option when you require money for a medical emergency.

4. Higher Education Expenses

Is your child planning to study abroad or have you been eyeing that MBA degree from a prestigious B school? Caught in a cash crunch? Well, don’t worry. You can easily check your personal loan eligibility on Finserv MARKETS and get up to Rs. 25 Lakhs to help you realise your dreams or that of a family member. That too at reasonable interest rates and flexible repayment durations of your choice. Isn’t that great?

5. Marriage

 If you are running short of funds as your wedding date nears and do not have enough money to go on your honeymoon, fret not! Just apply for a personal loan instead of foregoing your accumulated savings for your big day. Get a tailor-made loan, free of any guarantor, that also comes with value added services to help you become better at managing your finances in the long run.

6. Go on a Vacation

 If you are trying to reign in your wanderlust because you cannot afford it, yet you still ache to break free from the 9 to 5 grind, it is time you took a vacation. Personal loans provide instant funding that you can use to book tickets for your foreign trip and plan your itinerary and repay after you are back from your dream trip!

7. Take your Credit Score Higher

Did you know that paying your personal loan on time, or even earlier than your tenure ends, can fetch you a high credit score? It makes you a suitable loan candidate for lending institutions such as banks in the future if you are in need of finance. A good credit history is an important criteria that is used to assess the creditworthiness of a borrower before doling out a loan. 

These are some of the scenarios in which you should consider taking personal loans without any second thoughts. So, if your current needs fall into any of these points, proceed to know your personal loan eligibility on Finserv MARKETS. Once you know that you are eligible, apply online by filling in your personal and other details, submit a few relevant documents and get your loan approved within 3 minutes. Money is transferred to your account 24 hours post approval so that you can carry on with your plans uninterrupted.

You can choose a loan amount of your choice up to a maximum of Rs. 25 Lakhs and repayment tenures between 12 months to 5 years. Personal loan available on Finserv MARKETS is customised as per your needs and comes with absolutely no hidden charges and complete transparency. You can also access your loan account 24X7 on the go to know your EMI due dates, remaining amount and other details.

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.