How to manage your big and small purchases with personal loan
- In times when you need a quick flow of funds, personal loans are the go-to option that can help you meet your financing requirements. Here is how personal loans can help you manage your big and small purchases.
As one of the most popular loan products available in the market, personal loans are known for their wide usage. In today’s world, where the need for finance is instant, personal loans can help in managing your big and small purchases, and help you meet your goals quickly.
Read on to know how a personal loan can help you with all your big and small purchases and suit your financing needs.
What is a Personal Loan?
A personal loan is an unsecured loan that can be taken by individuals from a registered bank or non-banking financial corporation (NBFC). The loan amount is finalised after considering multiple factors like current income, employment record, credit history, and repayment capacity.
A personal loan can be used for any personal financial requirements. For instance, a personal loan can be used to fund wedding expenses, education expenses, buying new home appliances, or to fund medical expenses. Personal loans can also prove to be useful when it comes to meeting expenses involving automobile repair, consumer financing needs, or home renovation.
Benefits of taking a Personal Loan
There are multiple advantages of taking a personal loan and some of these benefits have been listed below:
Collateral-free loan: You do not need collateral for taking a personal loan. It is an unsecured loan that is extended as per the income, repayment capacity, and credit history of the consumer.
Varied usage: A personal loan can be used for a variety of purposes. It can be used to fund your small and big purchases, while offering a wide variety of end uses, as per your financing needs.
Debt consolidation: A personal loan can be used for debt consolidation and to make payments on credit cards, on which you may end up paying a higher interest rate. Also, keeping a tab on multiple loan payments is a tedious task, which can be simplified by taking a personal loan to consolidate debt.
Quick approval process: As compared to other loan categories, approval for a personal loan is quicker. A quick approval helps in funding your financing needs, as and when you need those the most.
High loan amounts: Personal loan amounts can go as high as Rs. 30 lakh with a flexible tenure that makes the repayment easier for the consumer. With a higher personal loan amount, you can easily meet your small and big requirements easily.
How to manage your financing needs with Personal Loan
In times when you need a quick flow of funds, personal loans are the go-to option that can help you meet your financing requirements. Here is how personal loans can help you manage your big and small purchases:
Low interest rate: The interest charged on a personal loan is lower as compared to a credit card. Therefore, it makes sense to opt for a personal loan for your purchases, instead of swiping your credit card.
Repayment: The repayment of a personal loan is done via monthly EMIs over the repayment cycle. This helps in managing finances better.
Multipurpose financing: You can use personal loans for multiple purposes as there is no limitation on its end use.
Emergency: A personal loan is very useful in case of an emergency. You can meet your financial requirements as there is no collateral required and the process of approvals is quick and easy.
Lifestyle: The cost of gadgets and home appliances has been increasing steadily. A personal loan comes in handy when it comes to owning a home appliance or a gadget for your family.
Poonawalla Fincorp offers personal loans of up to Rs. 30 lakh with zero foreclosure/pre-payment charges. With personal loan interest rates starting at 9.99% per annum, you can take a Poonawalla Fincorp Personal Loan easily. Get quick approvals with minimal documentation, and pay your instalments over a flexible tenure, with this loan.