Personal loans are the loans which are provided by many banks, lenders and Fintechs without the requirement of any collateral as security. These loans are given on account of borrower’s credit score and repayment capacity. Since there is no collateral involved in these loans, they are given at a higher rate of interest than the secured loans.
While approving the personal loan application, the lenders do not ask the applicant how the money will be used. The whole jurisdiction of spending the loan amount is on the borrower. Since lenders do not have any role to play, one can use the personal loan for many purposes. 5 most common plans where personal loan money can be utilised are:
- Paying off the loan with a higher rate of interest
Personal loans are given on account of credit score and repayment capacity of the borrower. With an excellent credit score, the borrower is in a negotiating position to get the best rate of interest. Usually, personal loans come with a higher rate of interest but they tend to vary from time to time. Money from a personal loan can be used to pay off loans like credit card etc which are charged at higher rates. Personal loan in India is easily accessible and can help significantly to lessen the burden of interest rates.
- Medical emergencies
Medical emergency doesn’t come knocking on the door. They are one expense which causes a big hole in the pocket because of the exuberant medical bills which the hospitals charge. Personal loan in India comes handy in meting out such medical emergency. Although one may have medical insurance, one actually gets to know about the terms and conditions associated with it when the time strikes. Sometimes even with insurance one has to pay from their own pocket and many treatments are not included in the insurance policy. However, personal loans are great for meeting medical expenditure. There is no collateral required, the loan is disbursed quickly in the account and one can take as much loan as is required. The repayment terms are also comfortable with easy EMI options available which can be paid monthly. LoansJagat provides a platform wherein one can apply personal loan online by comparing different lenders and choosing the one which is best suited.
- Home Improvement
Now Apply personal loan online to avail the benefits of personal loan for home improvement purpose. These loans are a great way to revamp your home without burning your savings. Renovating homes usually is a herculean task as it requires a good amount of money. Using the money from personal loan lets one make necessary changes in the home. Personal loan in India is available at a varied rate of interest. One can choose the best possible deal by comparing different lenders and their offers on LoansJagat.com.
Personal loan in India is a great way to finance one’s education. Although many banks offer educational loans they are limited to only a few prestigious universities and institutions. They only cover the fee aspect of the education and doesn’t encompass the expenses which come along with it like living cost, tuitions, relocation cost etc. However, personal loans, on the other hand, are great for funding the education of self or family. They are easily accessible and the rate of interest is comparatively lesser than what is charged on educational loans. Also, the money from a personal loan can be used for varied purposes like taking care of tuitions, relocating cost etc. along with the fees. Since these loans do not require any security, they are great for financing education. Apply for a personal loan online for funding your education with Loans Jagat to get the best deals.
Wedding loan is synonymous to a personal loan in India. Weddings in India are grand. They are rightly called big fat courtesy to the expenses which are covered on the venue, menu, clothing, jewellery etc. And with weddings becoming exuberant these days, personal loans are great for funding them. With personal loans, one can easily meet the unending expenses of the wedding with a decent interest rate and comfortable repayment schedule. Apply personal loan online with Loans Jagat and grab the best rate of interest by comparing different lenders.
Taking a personal loan with easy repayment schedule and rate of interest can significantly help you in meeting the financial emergencies. LoansJagat helps you choose the lender with best offerings.