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When to Avail a Personal Loan?
Posted on Monday, December 19th, 2022 | By IndusInd Bank
What credit option is unsecured, comes with a flexible tenure, features instant disbursal, and is highly recommended whenever facing a financial crisis? That’s right! A personal loan.
Personal loans are one of the most versatile financial tools available for times when you’re running low on funds. They can be used for almost any purpose, from home renovation to emergency expenses to debt consolidation, so you don’t have to dip into your savings to meet your urgent fund requirements.
What’s more, you can enjoy a paperless application process at most top banks, including IndusInd Bank, and receive your funds almost instantly. Here are some common scenarios when it makes sense to avail of a personal loan.
1. Debt Consolidation
Have multiple loans or credit card bills to take care of? Debt consolidation is a common reason for availing a personal loan. Carrying multiple debts can, unfortunately, strain your monthly finances and land you in serious financial trouble.
In such situations, a personal loan at a lower interest rate can help salvage the situation. Moreover, a single payment every month can significantly reduce your debt burden. Not to mention, timely loan repayment can help you maintain a higher credit score, improving your chances of availing future debt.
2. Higher Education
As education gets more expensive, more people are turning to personal loans to finance their kid’s higher education. A personal loan allows you more flexible use of funds – you can fund the tuition fee, relocation expenses, accommodation, pay for study material, and more.
So, whether you or your kid wants to enrol in a master’s degree or take a professional certification course, a personal loan will help manage these expenses quickly.
3. Medical Emergency
Coping with a medical emergency can be expensive. And it doesn’t help that it is almost impossible to plan for such situations. A personal loan can help manage unexpected medical costs such as diagnosis, treatment, medicine, lab tests, etc. Moreover, since the funds are disbursed pretty quickly, it makes it a viable source of funds during these challenging times.
4. Wedding Expenses
Weddings in India are usually a grand affair that can easily put a dent in your savings. So, when you have dreamt of the perfect fairy tale wedding, a personal loan can offer a quick solution to cover these costs. From food and décor to the venue, gifts, or even bridal outfits, a personal loan will let you plan all the wedding functions without worrying about the finances.
5. Home Renovation
Are you planning to upgrade your home interior for a new look? Or maybe you want to redesign the space to make it more functional? Why not avail of a quick personal loan to cover the costs of renovations? You can use the personal loan amount to upgrade your furniture or appliances, get it painted, or improve the interior of your home.
As personal loans carry relatively lower interest rates and flexible repayment structures, you can make all your dreams come true without the added financial stress!
In Conclusion
These are some situations where a personal loan can swoop in to ease your financial worries. So no matter your purpose, apply for a quick personal loan with IndusInd Bank. Featuring competitive interest rates and a 100% paperless application process, our personal loans will help you easily cover any unexpected costs.
Check your eligibility criteria and apply with us today!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
