An instant personal loan can help you when you need some immediate funds without having to pledge any security or collateral.
The personal loan eligibility criteria are easy to meet as it is an unsecured loan which is disbursed based on your creditworthiness.
Anyone with a strong CIBIL score, repayment and employment record can avail a personal loan of up to Rs. 25 lakh from an online lender. There is no restriction on the usage of the loan as it is offered to cover your personal needs. Unless you use the loan money for some illegal and gambling activities, lenders don't have any issues when you use it for other purposes.
The freedom of using the personal loan money for any use along with the ease of application and quick disbursal makes it an ideal tool to finance many expenses.
If you are looking to apply for a loan and want to know the needs that you can cover with it, here is a post to help you.
Key Expenses That You Can Cover Using Personal Loans
1) Debt Consolidation
Many borrowers take out a personal loan to consolidate their debts that are coughing up a higher rate of interest. They find it easier to consolidate all existing debts by availing a personal loan and paying just one EMI instead of many. Many lenders offer customized personal loans in the form of debt consolidation loans. You can apply for the same and use the money to pay off all debts to handle your finances better.
2) Medical Emergencies
Medical emergencies won't come after giving you intimation in advance leading to expenses that may be undefined and prolonged. You would not want to compromise on the quality of medical care; hence you need to be armed with the required finance. If the bills are higher to manage, then you can get an instant personal loan. You can get funds disbursed into your bank account as soon as within 24 hours depending on your lender.
3) To Go On a Family Vacation
If you wanted to take your family on a dream vacation, but need some funds to make it grand, then you can apply for an online personal loan. Nowadays, people don't get time to rejuvenate due to hectic work schedule. As a result, vacations are always on the backburner. However, when you get a chance to do that, you may not have the required funds. As a result, you can apply for an instant personal loan and get up to Rs.25 lakh from leading banks and non-banking finance companies (NBFCs).
4) To Carry Out Home Renovation
You may be looking to carry out with some home renovation to give it a new lease of life and to improve its value as an asset. However, you may not have the required funds to do home remodelling, repairing, and interior decoration and beyond. In the same context, applying for an instant personal loan can help you. You only need to submit some basic home loan documents related to your personal and financial profiles. Even the personal loan eligibility are easy to meet. If you are a resident of India, aged 23-55 and working for a reputed firm, then you can get the loan approval.
5) To Expand Your Business
You may set up a business which may need some immediate working cash flow to reach to the next level. To do that, you may require some devices, equipment, hire seasoned employees, and move to bigger premises and more. All these aspects need a large amount of money to help you expand your business. Thankfully, you can rely on an instant personal loan to apply for it and cover your needs super fast.
6) To Have a Dream Wedding
Who does not dream of having a dream wedding at overseas destination? However, most of the couples compromise on their wishes due to lack of money! Not anymore, you can apply for bajaj personal loan in minutes and get a large amount. You can use the money for booking honeymoon tickets, catering, jewellery, wedding halls, return gifts to guests and more. The wedding happens just once in life; hence, you should make it an event worth cherishing forever with the help of an instant personal loan.
You just went through how an instant personal loan can be used during different stages of life without restrictions on the usage. If you are ready to fulfill one of your needs or wishes, an instant personal loan is waiting to help you do all.