3 Reasons To Take A Personal Loan

3 Reasons To Take A Personal Loan

Adil Rathore

Most people are averse to taking loans, but sometimes, borrowing a personal loan makes a lot of financial sense. This is why:

  • The loan is disbursed against your financial and personal credentials. Thus, the loan is more inclusive than secured loans
  • This loan can be used for any purpose that you deem fit. The lending institution does not inquire why you need the money or how you plan to use it. Thus, it has several applications
  • The loan is repaid in just a few months from your salary

The following are 3 important reasons to take a personal loan:

#1 To pay for a medical procedure.

Medical emergencies are both scary and draining – the latter happens with both your emotions and your finances. Healthcare and hospitalisation are quite expensive in India, with costs rising exponentially every year. The threat of COVID-19 still looms largely on the horizon, and treating the illness and the complications arising from it are quite expensive. While a health insurance policy may cover most of the costs of hospitalisation and treatment, you can meet the shortfall by taking a personal loan from a cash loan app. Online personal loans from loan apps are quickly approved and disbursed, so you can realistically apply for and get the loan in just a few hours. This is immensely helpful during a medical emergency, where you may need to get immediate hospital admission, pay a deposit, start treatment, buy medication, etc.

#2 To take a foreign trip.

Holidays to foreign lands are both fun and educational – but they cost a lot of money. The last several months of COVID 19-imposed hiatus notwithstanding, you wish to take a short foreign trip with your loved ones so that you may collectively get away from the monotony and immobility caused by the Coronavirus.Arranging for funds can be difficult. Major expenses include buying round trip flight tickets, Visa applications hotel bookings, inter-city travel and tours, shopping and eating out. If you don’t have the money for it in your bank account, you can always borrow a personal loan online and start planning your holiday. When you apply for the loan on a good lending app, you get it in a few hours. This helps you to start planning your trip right away and scout for the best deals and book them when the price is right.

#3 To make a down payment on an asset.

Personal loans are often used for emergencies, or to buy expensive items or holidays – but did you know that you can use them to make a down payment to secure an asset? Suppose you are buying a house. Though you may borrow a home loan for the purchase, do note that the loan amount will not exceed about 80% of the house’s price. The remaining 20% must come from your pocket, apart from stamp duty and registration fees, loan agreement stamp duty, processing charges and other incidental expenses. These other expenses may not be included in the home loan but can be paid by a personal loan. We recommend applying on a cash loan app for quick disbursal so you can get the purchase process underway.

Conclusion

Personal loans make several dreams possible, and they also finance emergencies. In essence, if there is a need for a large amount of money in a short time, a personal loan is your best bet.