Top 6 Ways In Which Personal Loan Can Be A Lifesaver

No one knows when an emergency may strike. People might need cash for a last-minute wedding expense or an expensive home upgrade. Perhaps you will need a loan because you are short on funds while planning a foreign trip or may require to finance higher education in a foreign institute.

Whatever your need is, an emergency Personal Loan comes in handy when someone needs urgent cash. When you have personal loans, you don’t need to liquidate assets, exhaust savings, or use your credit card.

It’s now easy to access funds at the right time, with several NBFCs like Fullerton India granting quick personal loans. Unsecured Personal Loans are customized financing options for people who need a lump sum amount immediately. Here are the top six ways a Personal Loan can be a lifesaver.

6 Ways in Which Personal Loan Can Be a Lifesaver

1. Sudden House Repair or Upgrade

There are moments when the idea of upgrading the house or renovating some parts crosses your mind. With changing lifestyles and circumstances, renovating your home is necessary. But what if you don’t have enough funds to start the renovation? Usually, these are one-time expenditures for which you don’t have enough money. A quick Personal Loan comes in handy to start repairing or renovating the house or purchasing new electronics or furniture for the abode.

2. Multiple Debt Consolidation

Paying off multiple loans and credit card bills is a common condition many people tackle with an emergency Personal Loan. In case you’re handling several debts simultaneously, you’ll find yourself in a debt trap, and repayment becomes unmanageable. Therefore, take a Personal Loan to clear all outstanding balances to organize a financial trail and get back on track.

Instead of handling multiple loans from several lenders, take a Personal Loan to clear them all. This is a better idea for enhanced financial management. Most people consolidate high-interest loans with Personal Loans to save money and manage finances better.

3. Medical Emergency

Medical emergencies often do not come with warnings. In a situation like this, what you can do is apply for a medical emergency loan. These personal loans are designed explicitly to cover unexpected medical costs. You can use personal loans to pay expensive medical bills, tide out a surgery cost, or cover the price of a costly procedure.

Since Personal Loans have no end-use restrictions, they give broader coverage than health insurance plans and give higher access to funds.

4. Sudden Trip with Friends or Family

Only a few people maintain a backup of funds for spontaneous trips to foreign destinations. Whether it’s a colleague’s anniversary or a friend’s destination wedding out of town, what’s the best source to arrange the funds? Well, the answer is a travel loan. It will help you cover the expenses without compromising due to a lack of funds. An instant Personal Loan is the most convenient way to plan such trips without heartburn.

5. Higher Education Course

Pursuing higher education is beneficial to get ahead at work and enhance career prospects. But education costs are not easy to manage in a budget. People often depend on their parents or their monthly income to finance their higher studies.

The rising cost of education should not stop you from getting the course you deserve. Get a Personal Loan for education and cover the cost without hassle. Since these loans have flexible repayment terms, borrowers can choose the correct term with a Personal Loan EMI calculator and repay in easy installments suitable to their budget.

6. Last-Minute Wedding Expenses

Catering to loved ones in the most convenient manner is the ultimate goal of wedding hosts. Indian weddings are massive celebrations consisting of multiple ceremonies spread across several days.

A wedding’s expenses, including the venue, catering, photography, outfits, decorations, and gifts, can easily drain your savings. And last-minute expenses can put you in a difficult spot.

An emergency Personal Loan helps is the right option for you to sail through last-minute wedding expenses. Let a Personal Loan take care of the costs and enjoy this grand celebration with your family.

Features That Make a Personal Loan a Lucrative Funding Option for Emergencies

Here are a few features why many loan seekers prefer Personal Loans over others:

• 100% digital application
• Easy eligibility and minimal documentation
• No paperwork involved
• No collateral requirement
• Long tenure
• Competitive interest rates

After determining the purpose to cover with an emergency Personal Loan, start looking for prospective lenders with the best loan offers. Get quotes from a few, compare their schemes, and opt for one that best suits your funding requirement. Use a Personal Loan EMI calculator to repay EMIs conveniently and get easy access to funds without straining the budget.