Over the years, personal loans have emerged as one of the most popular funding solutions. One prime reason for the continued popularity of these loans is their ease of application. Today, personal loans are disbursed into your account within minutes. It is also an unsecured loan that requires no collateral. In addition to that, it requires minimal paperwork, no branch visit, and has simple eligibility criteria. But the best thing about a personal loan is the flexibility of usage. You can use a personal loan to meet different funding needs. Check out the 4 different things that you can do with a personal loan.
4 different things that you can do with a personal loan –
- Meet Household Expenditures
A personal loan is one of the best financing tools that you can use to meet your high-end household expenditures. This encompasses, renovating the interiors, buying a high-end home appliance, financing travel expenses, or upgrading your lifestyle. Availing a personal loan can also help you meet unforeseen household expenses that do not fit into your monthly budget.
With easy EMI options, you can divide the cost of an item over a period of fixed time. This can be 3 months, 6 months, 9 months, or over a year. Quick cash loan apps are known to provide great financing aid at a short notice. The loan amount offered by such apps is usually between Rs.50,000 to Rs.1.5 Lakh.
- Pay for Higher Education
Another expenditure where a personal loan can come to your aid is paying for higher education. While you can apply for an education loan, a personal loan can help you meet miscellaneous expenses. This may include your living expenses, accommodation, flight expenses for abroad studies, contingencies, and other expenses.
But before applying for a personal loan, you must figure out a sure-shot plan for repayment of your loan. Dedicated financial tools like loan EMI calculators can help you in assessing your EMIs and plan your loan better. You must also check the eligibility criteria for personal loans for students before applying for the loan.
- Invest in Business
The restriction-free end-use of personal loans also makes them a suitable financing option for a business. Delayed payments, stuck funds, and the need to influx cash for expansion are some of the most common scenarios in business. A cash crunch is not only stressful, but it can also impact the operations of your business. In such a scenario, a personal loan can provide the necessary financing right in time. You can also apply for a personal loan with a co-borrower. There are many perks of having a co-borrower in your loan application. It improves your chances of loan approval, and the lender may offer you better interest rates.
Platforms like quick cash loan apps have simplified the availability and accessibility of these loans. You simply need to choose the app you want to borrow from and install it on your smartphone. With quick e-KYC completion and online verification, you can get the funds in your account within minutes.
- Emergency Medical Financing
Medical emergencies can leave you in a tight spot financially, especially if you have not created any buffer emergency fund or you do not have a cashless Mediclaim. The urgency of a medical procedure often leaves you with no time to arrange the finances. In such scenarios, you can opt for quick cash loan apps online and apply for a personal loan.
The quick approval and disbursal of funds into your account makes a personal loan the perfect financing tool to meet medical emergencies. However, you must check your loan eligibility criteria, calculate your EMI, and set forth a loan repayment plan. You must also research different lenders and their offers to pick the best option.
When applying for your personal loan, make sure that you keep the soft copies of the necessary documents ready. You would need to provide a copy of your Aadhaar card and PAN card along with your salary slip and bank statements. The lender will initiate a quick verification process. If you meet the eligibility criteria, the lender will approve your loan request within minutes. The funds will be reflected in your account and there would be no restrictions on the usage of this fund.