4 ways that NBFC personal loans can help you fund big-ticket expenses
- A key benefit of the NBFC personal loan is that you can use it for any expense whatsoever. Unlike certain secured loan offerings, there are no restrictions on usage.
Often in life, you have to make certain big-ticket expenses. These may be toward personal goals or linked to your professional or familial obligations. Common expenses like tuition costs, travel, medical bills, home renovation and others are a few to note. In any case, these are just part and parcel of life and should be handled efficiently. Your goal should be to ensure that these expenses when they occur, do not drastically disrupt your finances. One way to do that is to mitigate the impact of a massive outright payment by availing an NBFC personal loan.
This solution works well when making big-ticket purchases that would otherwise leave a noticeable dent in your savings. What’s more, leading lenders now have competitive personal loan interest rate offers, making this approach fairly cost-effective too. However, to extract value from the undertaking, you need to plan the loan. To know how you can plan and fund your big-ticket expenses with an NBFC personal loan, take a look at these pointers.
Know your need and borrow accordingly
Before availing an NBFC personal loan, you must know exactly how much you will need. While lenders may offer large sanctions, sometimes up to Rs. 25 lakh or even higher, you should not borrow more than you need. Doing so only increases your interest outgo and causes you to pay more than you should. So, before you decide to apply for a loan, know exactly how much money you require. Once you finalise the amount, start looking for lenders that can accommodate it easily.
In most cases, reputed NBFC lenders should be able to accommodate your need. However, do note that the amount you can get will be based on your financial standing. A weak financial profile isn’t likely to get the maximum sanction on offer.
Use the funds without any restrictions
A key benefit of the NBFC personal loan is that you can use it for any expense whatsoever. Unlike certain secured loan offerings, there are no restrictions on usage. As such, you can fund any big-ticket expense, such as:
1. Overseas travel
2. Wedding costs
3. Overseas education tuition fees
4. Medical bills
5. Business expenses
6. Home renovation
7. Debt consolidation
The amount can also be used for other personal leisure-related expenses. However, be wary of taking on debt for non-essential purchases.
Avail flexible loan terms for maximum affordability
With an NBFC personal loan, you get the opportunity to defer a massive one-time payment and make pocket-friendly payments over a comfortable tenor. This benefit greatly reduces the burden on your finances and can serve as a cost-effective solution with proper planning. This is where the EMI calculator comes into play.
You can use it to calculate the total interest payable for a given sanction, interest rate, and tenor. Based on this information, you can tweak the tenor or the loan amount until you find a good balance between the EMI and the interest payable. This way, you can tailor your loan for maximum affordability and handle your expenses efficiently.
Access specialised offerings for specific needs
The NBFC personal loan may be offered to you through a specialised loan offering. This is a common solution offered by reputed lenders and can help you get the money you need in an expedited manner. For instance, if you need the funds for travel, wedding, or education expenses, specialised loans like a travel loan, wedding loan, or higher education loan may be available. These unique offerings may be easier to avail since they align with your needs and may even have better terms on offer.
Not all big-ticket purchases are the same and while you can manage some out of pocket, for others, solutions like the NBFC personal loan are a smart choice. This way, you don’t have to burden your savings and leverage your finances in the best possible manner. However, to truly extract value from such an undertaking, you must borrow wisely. This means picking the right lender and ensuring you get the best deal. One way to ensure these criteria are met is to opt for the Bajaj Finserv Personal Loan.
This NBFC personal loan is among the best in the market because it has top-tier features and perks. These not only simplify access but also expedite processing and loan disbursal. Depending on your profile, you can get approved for up to Rs. 25 lakh over a tenor ranging up to 60 months. With the intuitive personal loan interest calculator, you can find the best terms for you and enjoy a completely transparent experience without any hidden charges. To avail, all these personal loan benefits, apply online and get instant approval within minutes.