Reasons Why You Should Choose A Personal Loan

Aditi Ahuja By Aditi Ahuja, 19th Jul 2018 | Follow this author | RSS Feed
Posted in Wikinut>Business>Accounting & Finance

This Article describes the reasons to Choose Personal Loan.


Modern finance has paved the way for so many exciting financial assistance options for capable people and one of the major ones is none other than personal loans.

If you are able to fulfil the eligibility criteria for personal loans, you can avail personal loans from leading lenders. The processing fees and charges applicable for personal loans is affordable which makes it easier for borrowers to manage.

If you are a salaried professional with at least 3 years of work experience and earning a decent salary, you can get yourself qualified for a personal loan at lower rates.
Since a personal loan is an unsecured type of finance option, you need not provide any collateral, security and complete lengthy documentation to get the personal loan.

If you have a robust CIBIL score, clean repayment, and employment history, you will face no issues in availing a personal loan from a leading lender.

If you are not yet convinced why you should choose a Personal Loan, here are some prime reasons to assist you to know more:

1) For Paying Off Existing Debts
If you have some existing debts which are eating a considerable part of your monthly income and if you are paying 5-6 EMIs per month, you can avail a personal loan. After availing a personal loan, you can repay all your existing debts and pay just one EMI for the loan instead of five. Thus, one of the major reasons for applying for personal loans is consolidating existing debts.

2) For Facing Medical Emergencies With Ease
When it comes to your loved one’s health, you shouldn’t have to worry about money. However, quality health care is not easy these days as the cost of medical expenses is up. Further, if you don’t have enough coverage in your health insurance policy, you may have to pay out of your pockets. Hence, availing a personal loan to manage any medical emergencies can help you save your face. You can keep off the loan burden by opting to pay in EMIs over a longer tenor.

3) For Home Renovations
You need not worry to get a hike or a promotion to help you start a home renovation as per your taste. You can always apply for a personal loan and use the money to get your home renovated with the latest designs and technologies to impress one and all.

4) For repair and maintenance costs
Did your car break down and its repair cost is out of the coverage of the car insurance policy? You can always use the money out of a personal loan to fund your car and other vehicular purchase.

5) For Hosting a Dream Wedding
A wedding happens just once in life and no matter how well you prepare in advance for a marriage ceremony, you may feel a shortage of funds here and there. Hence, to help you have a memorable wedding that you can cherish for a lifetime, you can apply for a personal loan. Personal loan repayments are easy as you can pay in smaller EMIs by opting for a longer tenor.

6) For funding Your Child’s Higher Education
Higher education costs, just like medical costs are increasing as you read this. Your child may not avail a good education if you don’t plan his/her education funds. Not to worry if you have not planned earlier, availing a personal loan can help you do it.

The Bottom Line
There are so many ways to use a personal loan in the right manner to help you carry on with without facing financial issues. Bajaj Finserv presents to you many pre-approved offers for personal loans and a range of other financial products.


Personal Loan, Processing Fees And Charges

Meet the author

author avatar Aditi Ahuja
Aditi Ahuja is a noted financial consultant and adviser. As she has been worked with several financial organisation for many years, she has extensive knowledge in this sector. She writes on financial

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author avatar Lesa Cote
5th Feb 2020 (#)

The blog on personal loan is excellent. You can visit

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