Personal loans have become quite easily accessible today with the increasingly convenient financing arrangements that lending institutions are providing. For instance, today you can simply access the financing from the comfort of your home with the help of platforms like online loan apps. These are available as dedicated personal loan apps that provide end-to-end personal financing solutions with ease across a range of financing needs. Another reason that has made these loans accessible is that they are available against minimum eligibility and document requirements. You simply need to meet a handful of criteria like age and income eligibility to avail a personal loan from an online loan app.
Further, the tenure flexibility with low EMI payments make these loans affordable too. And as such, you may be able to easily repay your loan as per your repayment capacity. All you need to do is find the right personal loan option and a suitable lender to apply with. These instant cash loans are potent enough to solve all major personal financing needs of individuals with ease and as such are among the most popular funding options to avail. Below given are a handful of times when a personal loan can come in quite handy for individuals.
6 Times Where Personal Loans Can Prove to Be Useful
1. Financing for medical emergencies
Medical emergencies are one of the most financially demanding situations that are also time-sensitive. In critical scenarios where one needs to finance their medical expenses due to an urgent and unfortunate circumstance, a personal loan can come in quite handy. It is because these loans are instantly approved and disbursed directly to one’s bank account. Hence, they make financing available right when needed and as needed.
Personal loans are designed as instant cash loans and aim to make financing availability quick and hassle-free. Hence, their approvals are processed quick and disbursals follow fast within 24 to 48 hours of approval. Typically when availing a personal loan through an online loan app, you can receive approval for the advance within a few minutes of application only. The borrower only needs to make sure that they meet all eligibility requirements before applying for easy verification and approval.
2. Providing funding for higher education peripherals
Financing higher education is one of the most crucial aspects needing lump-sum funding. While one may often secure education loan to pay for the academic expenses related to higher education, a lot of peripheral expenses still need to be attended to. For instance, if taking up higher education in a far off city or overseas, you may need to pay for travel tickets to and from throughout the academic years, meet accommodation expenses for the hostel, pay for daily meals and meet other such expenses, which are often not financed through an education loan.
With a high financing value of personal loans availed through online loan apps, one can easily avail funding of up to Rs.1.5 Lakh. Such an amount can thus suffice in paying for the peripheral expenses related to one’s higher education.
3. Meeting diverse wedding expenses
Another instance where an instant cash loan fits just right is the fulfilment of wedding expenses that are diverse in nature. When arranging for a wedding ceremony in India, one needs to make elaborate arrangements such as paying for wedding decor, venue booking, meeting bridal expenses, and the likes. Given that a personal loan comes with zero restrictions to end-use, it serves just right in fulfilling these expenses on a large scale. Their easy availability through online loan apps only makes them suitable for meeting expenses last minute.
4. Consolidating multiple small debts into one
A personal loan is also a handy financing solution one may avail for the purpose of consolidating multiple small debts into one. Someone servicing multiple small debts stands at a disadvantage of servicing them across varying interest rates that can be costly. Also, managing these advances can be time-intensive and as such a personal loan can fit in well to consolidate all of them in one for a better and affordable financial management.
5. Renovating and repairing home
Personal loans are also useful and can come in handy for meeting home renovation and repair requirements. Their end-use restriction-free feature makes them suitable for meeting all the renovation and repair expenses easily without hindering with any lender-based restrictions. Further, if using a personal loan for home renovation, a borrower also stands to benefit from tax deductions that can be claimed on both the loan principal and interest amounts.
6. Paying for travel expenses
Travel expenses are another financing avenue that are rightly financed through a personal loan. These expenses can be both time-critical and diverse in nature. And hence, are suitably financed through a personal loan that comes with instant approval and big-ticket financing with zero usage restrictions. You can also apply for these loans from anywhere through an online loan app, which makes them further accessible when travelling.
While these are the personal aspects where a personal loan can come in handy, one can always extend the usage of these loans to business purposes as well. For instance, when needing additional cash infusion to the business or introducing new capital, a personal loan can suit well. Make sure you have checked your affordability of the advance before borrowing. You can do so with the help of personal loan EMI calculators available for free on online loan apps.