When Is It A Good Idea To Avail a Personal Loan?
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When Is It A Good Idea To Avail a Personal Loan?

  • Highlights

  • Get personal loans to finance unexpected needs

  • Use the loan to consolidate debt

  • Rely on the funds to pay for a wedding or home renovation

  • Use the amount to buy your dream vehicle

You can use a personal loan for just about any purpose. You can use the funds to finance an important event, to improve the quality of your life or to buy assets. This collateral-free loan serves as an easy, cost-effective source of finance. Quick approval and disbursal of the amount also enhance the loan’s benefits.

Here are some circumstances where it is prudent to avail a personal loan.

To finance your child’s education

Education, especially higher education, can be extremely expensive. You have to consider the cost of the course, as well as staying costs, food, travel, etc. Besides, your child may also need a laptop or other technical equipment such as a camera. In such cases, a personal loan can help you meet all these costs with ease. Applying for a Personal Loan from Bajaj Finserv, for example, also gives you access to a Flexi loan facility, which makes paying for education easier.

With this facility, you can withdraw sums from the total flexi loan amount as per your needs. You only have to pay interest on the amount you use and you can choose to pay interest-only EMIs. The principal can be paid at the end of the tenor.

To consolidate and pay your debts

If you have several debts, they can add up over time and become difficult to manage and expensive to repay. You can list the debts you need to pay off and then avail a personal loan of the same amount to clear all your dues in a timely manner. This will instantly improve your credit score and will help you balance out your income and expenditure better.

To pay for wedding expenses

From paying vendors such as caterers and florists to planning a honeymoon, this wedding loan offers you a loan amount of up to Rs.25 lakh that can help you meet all wedding-related expenses without any difficulty. With a long tenor and easy prepayment terms, you can borrow funds without any stress or worry. Here, the Flexi loan facility is sure to come in handy on more than one occasion.

Additional Read: 9 Reasons To Take A Loan For Your Wedding

Flexi Loan Explained

5 Reasons to apply for a Personal Loan online


To pay for home improvement

When you want to remedy damage caused by a small electrical fire or want to give your house a new look, you can use a personal loan to your advantage. Take care of expenses like landscaping, adding a modular kitchen, repainting your home or overhauling the furniture with ease. A personal loan will give you access to funds within 24 hours to help you tackle your home improvement project.

To buy a vehicle

If you want to buy a car or bike, you can easily do this with a personal loan. The sum of money is available to you on a collateral-free basis, which makes it easy for you to get, even on a moment’s notice. You don’t have to dip into your savings, or wait until you save up to buy your dream vehicle.

With a high loan amount, easy prepayment terms, flexible tenor and nominal interest rate, a personal loan can be your aide when it comes to raising finance for a plethora of situations.

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