A personal loan does not ask for any collateral like jewelry or anything, or a house, etc. There may be different circumstances that lead you to shop for a personal loan. Whatever be the need related to anything, getting a personal loan is easy. Let us look at the top reasons why people like you go for a personal loan for personal needs.
Personal loan consolidation
Many borrowers have a personal loan problem in their life. The problem is not in terms of repayment but the problem lies in too many loans in their life. Many personal loans translate to many EMIs. To avoid this, may apply for a personal loan or any other loan. A personal loan consolidates all the personal loans in one single loan, with a fixed interest rate and charges. In this way, you can avoid the inconvenience of servicing many personal loan interest rates.
Paying credit card personal loan
Credit card loans are costs related to any other loan. This is a fact. It could be for shopping or some spending while on an overseas trip or anything. If you spend a lot of credit cards, repayment can be a big problem in your life. It is not easy to maintain everything. With annual interest rates of 35%, this is an extremely expensive personal loan to carry for a long-term personal loan. Hence, using a personal loan, which carries annual interest rates of 10-16%, is a much smart option for everyone related to that. You save on interest costs or ratings and leave your credit history intact.
Don’t ask relatives or family members for money
Many people come from good families and members. To them, getting a personal loan isn't a problem. The problem has got to do with the social pressure of having taken a personal loan from family members. A personal loan taken from a sibling or a parent or family member can be free for example no interest will be charged. However, the relationship may become uncomfortable after taking the personal loan. Some relatives can publicly talk about lending you money for a personal loan, causing embarrassment. Taking a personal loan or any other loan from a top financial lender, like Bank of India personal loan, means nobody knows about the loan transaction. It's a secret.
Buying a home
It's a well-known fact in terms of personal loans that a home loan covers 70% of the house cost. So, homeowners are expected to pay 30% from their pocket. And registration, legal fees, and other taxes and charges may cost another 20-25%. If you have had to spend your savings corpus for some other reason related to personal loans, you will need a personal loan to cover these extra funding requirements. Your annual bonus or salary may be enough to repay this small personal loan, but that bonus is 7 months away. This is where taking a personal loan or any other loan makes sense. With very few documentation norms, one can apply for a personal loan and get it in an easy way.
Medical emergency in terms of personal loan
You may have a solid medical insurance policy on a personal loan but that does not mean you are 80% or 100% covered. Hospitalization costs are exorbitant or anything else. As it happens, the policy sum assured limit is usually breached due to medical costs or emergencies. An important surgery that could be life-saving may need a personal loan to immediately deposit money at the hospital front desk within 16 to 24 hours. When people face such situations or any other problem, they take a personal loan. With quick turnaround time, applying for a personal loan online or even offline.
Conclusion: Most people do not ask for personal loan help from family and friends. Instead, they take a personal loan or any other loan. Taking a good amount of personal loan aids them in using it for marriage expenses or any other problem, honeymoon trips, and for setting up their new place for taking a personal loan.
Also read:- Personal loan for long term
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