Between 2017 and 2018, 96% of all non-food credits were personal loans in India. Hence, there is no doubt regarding the fact that Indians find personal loans immensely useful. Most individuals need a personal loan to deal with sudden, substantial expenses.
Top reasons to avail personal loans in India
Online Personal loan offers a hassle-free source of financing that can help customers deal with various aspects of their life.
Listed below are some of the most common reasons to opt for such credits in India –
1. Unsecured credit with no need for collaterals
Personal loans are unsecured, which means that you do not need to mortgage an asset to avail such credit. Thus, if an individual lacks any substantial or valuable property, they can choose such a loan to deal with considerable expenses.
For instance, a personal loan for a medical emergency is the best option to deal with the ever-increasing treatment costs. With no collateral listed in personal loan eligibility criteria, you can avail sums with almost no hassle or wait involved.
2. Visiting your dream destination
Planning a dream European vacation is easy, but funding it can be a chore, especially when you are running short of money. If you take a personal loan at such a juncture, it can help you create effective vacation plans without worrying about the budget. Even though international travel destinations are significantly costlier to visit, such easy financing options should allow you to explore the world freely.
3. Buying a car or bike
Another legitimate reason to take a personal loan is to finance the purchase of a premium bike or car. Individuals who have a lifelong dream of owning such a vehicle but lack the necessary financial backing to spend such a considerable sum at once should apply for a personal loan immediately.
4. Consolidating your existing debt
Bajaj Finserv Personal Loans can help you repay already existing debt. Relying only on your income to repay existing debts can lead to problems and increased burdens. To ensure that such a thing does not happen, you can avail a personal loan amounting to your outstanding debt and use the same to repay the various smaller credits.
Keeping track of one debt is far easier when compared to tracking several credits from various sources.
5. Undertaking home improvements
Individuals who own a house often need to initiate renovation projects on the property. Whether it is to increase the overall appeal or to repair damages to the house, a renovation project is costly. Once you have an estimate of the total expenses, opting for a personal loan can be immensely helpful in meeting the associated costs.
6. Funding a marriage
With affordable personal loan interest rates, personal loans in India are the go-to option to finance a regal marriage. Most Indian weddings are a grand affair, lasting well over 24-hours. Catering, decoration and venue are some of the major costs to keep in mind while planning your wedding.
Being able to afford all these costs is not possible for everyone. Rather than mortgaging your home or other valuable property to finance this special day, Indians can opt for convenient personal loans.
NBFCs like Bajaj Finserv provide pre-approved offers to simplify availing such loans. These offers are available on home loans, personal loans, business loans, and more. Check your pre-approved offers by providing your name and phone number.
Remember not to go overboard when availing a personal loan. Choose the amount by considering your needs and repayment ability to reduce EMI burdens further.