Personal Loan: A Helping Hand In Challenging Times

Life is an unpredictable journey full of surprises. Everyone will have excellent plans for their life. But you are not sure what will be happening in the next moment. Sometimes you may be in a situation where you need urgent financial help and are in trouble. It will be helpful to have an easy and convenient solution that works instantly. Thus, a personal loan is your solution. It is the best way to arrange funds in an emergency. Getting an online personal loan saves your time from having lengthy paperwork and procedures. 

Significant Reasons to apply for Personal Loans.

In olden times, you approach a money lender when you need urgent funds. But today, personal loans can fulfil those requirements. Most people use personal loans for the specific reasons listed below.

  • Debt consolidation. 

Rather than getting many loans and paying multiple EMIs, with a personal loan, you can pay a single EMI with low-interest rates and fixed tenure.

  • To pay credit cards. 

Repaying will be a problem when you spend a lot on credit cards. As a credit card holds an APR(Annual Percentage Rate) of above 40%, it is not advisable to carry forward the amount with payment delays. It will affect your credit score. So you can take a personal loan that has only 12 – 14% APR, then pay off your outstanding credit card bills and make one payment for the personal loan due. This intelligent choice saves you from getting any impact on your credit history and from paying up more interest.

  • Can’t rely on relatives and family. 

When you take a loan from your sibling or parent, you can get it interest-free. However, the relationship may become bitter after taking out a loan. Some of them may publicly announce your loan details to others which is an embarrassment to you. When you take a personal loan from a reliable source, they will save your details as confidential.

  • To buy a home.

Usually, home loans cover only 80% of your home cost, and you have to pay 20% from your wallet. In addition, registration, legal fees, and other taxes cost another 15-20%. So in this situation, you can use a personal loan to compensate for the extra amounts.

  • To buy a plot. 

Just imagine your parents or siblings are going to buy a plot/property, and they have a shortage of funds. You also don’t have enough money to help them. With a personal loan, you can do that.

  • To fund relocation. 

When you are moving to another place/locality, you need a deposit amount to get confirmation about the rental home. You can use a personal loan to pay for that and secure the place.

  • To invest. 

When you get an opportunity to buy shares from a prestigious company that comes up with the ‘right issues’ and you don’t have enough funds, then you can choose a personal loan to grab the offer.

  • Medical emergencies. 

We can’t say when a medical emergency can pop up. We faced a similar one already, i.e., COVID-19. Even Though you have medical insurance, it may not fully cover the expense. You have to pay extra at hospitals for any bills and reports. At these times, a personal loan will come in handy to pay the bills. Thus, you can accomplish health care for yourself and your family without any trouble.

  • Wedding purpose. 

Even if you save money, it may not be sufficient due to inflation and other needs. So you can get a personal loan and fund your marriage. Rather than using credit cards, opt for a personal loan with longer tenure, and you can pay that from your salary monthly without any flaw. 

Personal loans have a flexible payback mode and no need for a guarantee to get approval. You can get a personal loan with these simple steps.

  1. Know your required amount for a loan. 
  2. Check your eligibility for a loan.
  3. Calculate monthly payments with an online EMI calculator. According to that, choose tenure and interest rates.
  4. You can apply for a loan online or directly from the bank.
  5. Submit required documents for a personal loan such as income proof, ID proof, address proof, and bank statements of the last six months. 

By following these steps, you can easily avail a personal loan. After checking on your credit report, lenders will decide whether you are eligible or not. When you have a good credit score and a good credit history, you will get low-interest personal loans. Your credit worth is enough to get a low-interest rate. You can even select the tenure of your choice. Eventually, you will get instant loan approval, and the amount will be transferred directly to your account within 24 – 48 hours.

End note

With a personal loan to overcome an emergency, you can manage your financial planning without disturbing your monthly budget. Thus you can save your assets and secure them for your future. With Buddy Loan, you can apply for a loan up to Rs. 15 lakh at competitive rates starting at 11.99% p.a. Apply now and say adieu to your financial obligations!

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