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What all can a Personal Loan be used for?

We all have multiple needs and goals. However, our financial situation often hinders the path to achieving them all. Thanks to Personal Loans, addressing these needs is possible now. The ease of availing Personal Loans at affordable interest rates makes them stand out as a good financial option. There are multiple needs for which a personal loan can be a good option.

A Personal Loan can be used for any legitimate financial need, ranging from debt consolidation to home renovation. It can help you achieve your goals, fulfil plans, or fund even your unexpected needs, thus setting you free of financial woes. As it is an unsecured loan, you don’t have to worry about providing any collateral for borrowing. Also, you can choose to get a Personal Loan at a competitively lower interest rate and enjoy the convenience to repay over a flexible tenure.

All it takes is a simple documentation of your income details, quick application and verification. That’s it! Your Loan is then credited to your bank account!

Here are some of the reasons for getting a personal loan

Personal Loan for Debt Consolidation: Paying off multiple debts can become difficult, especially when these loans have high-interest rate charges. However, taking a Personal Loan gives you the advantage of consolidating and paying off all your outstanding balances into one monthly payment at a lower interest rate. Thus, saving you money and the effort of managing multiple monthly debt payments.

Renovating and refurbishing your home: Remaking your dream house is no less expensive than making a new one in today’s economic situation. Repairing your old house, fixing the plumbing and electrical wiring etc., are all huge costs. For such expenses, cash liquidity can become a problem. A personal loan is the best solution to address this issue. It is convenient as it does not require you to provide any collateral and ensures that one doesn’t compromise on the quality of work due to funds’ paucity.

Loan for Medical emergency expenses: Sudden medical emergencies can be a financial burden, leaving you with a short time to arrange money. To help you in emergencies like this, Poonawalla Fincorp offers a Quick Personal Loan for Medical Emergencies. With the beneficial features of low interest rates and no requirement for collateral, personal loans are a popular choice for those who need last-minute cash to fund medical emergencies..

Loan for purchasing expensive goods: The latest products, jewellery or upgrading old household appliances, etc. the list of needs is endless. For such expenses where your savings are falling short, choose a small tenure personal loan. So you can get what you need without dipping into your savings. Though you will still have to pay an EMI and upfront processing fees, think wisely and ask yourself whether you really need to purchase it right away.

Vacation travel plans: Need a break from your daily routine, want to travel abroad to your dream destination or experience a luxurious journey? Make your wish come true with your very own Personal Loan for travel plans. Get the funds with an instant loan to plan your trip right away and repay monthly at affordable EMIs over your preferred tenure.

Personal Loan for Wedding: Marriages today are grand and lavish celebrations that come with a fair share of frills, thrills and, unfortunately, bills. Taking a personal loan for a wedding allows you to plan your big day just the way you always dreamed it would be. While it sounds attractive, make sure to evaluate all the factors depending on your budget and compare types of loans to get the ideal financial solution.

Financing your vehicle: In today’s new normal, having your car is a matter of safe commuting. There are a lot of options in the market to finance your dream car. Some customers tend to take a personal loan for a vehicle, as it doesn’t ask for your car as security or a down payment. Car loan interest rates are lower than a personal loan. However, a secured loan requires some collateral, and that is where a Personal Loan shines through.

Improving your credit score: Maintaining a good credit score is important. So, if you have a history of missed payments on debts, taking a personal loan in the short/medium term and paying it off timely will help improve your credit score. Also, it can add to your credit mix. But having said this, borrowing money you don’t need just to improve your score is risky.

By now you must have a better understanding of the things for which you can use a personal loan. The next time you need finance, don't forget that you can avail of a personal loan, too. From covering huge expenses to taking care of your financial emergencies, Personal Loan is the best-consolidated solution! However, it would help if you consider its pros and cons wisely before finalising your choice.

If you are considering one, check out our Personal Loan offerings and take a step towards fulfilling your needs. We offer affordable interest rates and quick approvals.

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