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Apr 02, 2020

Top 9 Reasons Why You Should Apply For a Personal Loan

Personal loans are unsecured loans provided without any collateral (it doesn't require residential/commercial property as a security) and it can be used for various purposes i.e for a medical emergency, home renovation, for higher education, and starting a new business. Personal Loan gives a person a free hand in times of emergencies as they provide access to immediate cash, without any limitations. 

In the last few years, many people have applied to personal loans instead of borrowing from family and friends as well. Generally, when people don’t have enough money in their savings, people take personal loans to overcome the financial crisis. while unsecured personal loans have a higher interest rate as compared to the secured home loan, auto loan. 

Reasons Why You Should Apply For a Personal Loan

  1. Medical Emergencies
  2. Wedding Expenses
  3. Home Renovation
  4. Starting your Business
  5. Higher Education
  6. Financing your Holiday
  7. Paying Credit Card Bills
  8. Debt Consolidation
  9. CIBIL Score Improvement

Let’s have a look at some of the reasons and condition wherein you can consider applying for a Personal Loan.

Personal Loan for Medical Emergencies

Get an instant personal loan for a medical emergency to satisfy medical expenses. If you do not have sufficient savings, then you applying for a personal loan. It can give you access to the needed amount in a quick time. Many Bank/NBFCs, like HDFC, Axis, ICICI, Indiabulls, Clix provide instant personal loans at the attractive rate of interest, with minimal documentation required and hassle-free process. Generally, these instant personal loan amounts are credited to your account within 3-4 working days.

Personal Loan for a Wedding Expenses

In India, a wedding is an important function in each family that invites all friends and relatives. Usually, the parent doesn’t hold back from spending on the weddings of their children, and often, also borrow money to finance their dream wedding. There are many surprising expenses at a wedding as well. Borrowing from friends or relatives isn’t a reasonable option in today’s day. Taking a personal loan for marriage is the best solution to all these wedding expenses. LoanMoney helps you to apply for Personal Loan from bank loan amount up to 30 Lakhs without any collateral or securities.

Personal Loan for Home Renovation

Availing a personal loan is the best solution when you want to renovate the home or want to extend your house. If there’s a great family event on the limit or if you simply want to redecorate the house before the festival season, you can easily take a personal loan without any collateral. Here you can return the amount in small and affordable EMIs consists of the principal portion of the loan amount and the interest.

Personal Loan for Starting your Business

If you’ve been thinking of starting your business. Many Bank/NBFCs, like HDFC, Axis, ICICI, Yes Bank provide personal loans to help in starting their business i.e for purchasing machinery, for hiring staff and leased office space. You can apply for a personal loan to start your business without any collateral. avail loan amounts up to 30 lakhs at the affordable interest rate with the simple documentation process.

Personal Loan for Higher Education

Traditional education loans come with certain conditions and limitations. For example, some loans can only be availed only if you get admission in a specific category of colleges. In such cases, a personal loan is forever a more reliable option since there are no requirements for availing such a loan. The short loan tenure range from 1 to 5 years with the loan amount up to 30 lakhs at the attractive interest rate starting from 10:50% to 16%, and processing fees starting from 1% to 3% of the loan amount. Apply Personal Loan for higher education through the LoanMoney.

Personal Loan for Financing your Holiday

A dream holiday that you always wanted to travel with your family or friends can now be availed instant personal loan at attractive rates. A personal loan comes with full freedom to take the wanted destination by taking care of your tour expenses. You can consider getting a personal loan to finance your dream holiday.

Personal Loan for Paying Credit Card Bills

Because personal loans have interest rates that are lower than credit cards interest rate, the total interest amount can also reduce, as does the tenure. Therefore, if you are unable to pay off your credit card dues for a reason, consider taking a personal loan to pay it in full. You can use an unsecured personal loan from the bank to consolidate credit card. A personal loan can give you a lower interest rate on your loan or help you pay it off faster.

Personal Loan for Debt Consolidation

When you are in a condition wherever you are paying EMIs of various loans collectively, the total amount of all the EMIs which you would be paying each month is likely to be very high.  The process of managing many EMIs and keeping a record of remaining principal amounts is not easy. In such a situation, taking a personal loan is an excellent way to consolidate your debt and pay a single EMI every month.

Personal Loan for CIBIL Score Improvement

The CIBIL score of an individual is calculated on the basis of agility in payment of loan repayments and credit card repayment. When you take a personal loan of the loan amount and return it within the fixed time frame, you can improve your CIBIL score as it will improve your credit history and grow your creditworthiness. This also enhances the possibilities of the approved personal loan. Apply for Personal Loan get a higher loan amount up to 30 lakhs at an attractive rate.

Instead of taking Home Loans, auto loans and different types of loans from banks/NBFCs, many people are applying to personal loans as this loan is given at an affordable interest rate, flexible loan tenure, no collateral is required with minimum documentation, making them one of the easiest ways to obtain funds instantly. The best part is that there are no limitations on how you can to use the loan amount. Personal loans are gradually becoming most popular in Delhi due to the growing availability and enhanced financial recognition among the masses.

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