By nishisingh
Personal loans provide relief to men and women seeking monetary aid. These can be borrowed to fulfill any requirement as the lender does not mandate stating the reason in the loan application. Personal loans are offered by most lenders and can be availed at a relatively low interest rate. Also, they do not require security collateral and their documentation is fairly simple.
Fullerton India, a leading NBFC in India, offers personal loans online for up to Rs 25 lakh. The interest rate on personal loan start at 11.99 percent and the repayment tenure is flexible. There are many advantages of taking a personal loan, but what are the expenses that can be taken care of by these loans? Read on to know more.
Seven expenses you can finance with a Fullerton India personal loan
Pay for medical emergencies
Medical emergencies are expected expenses that can rarely be planned. Even with insurance in place, you have to shell out a decent amount from your pocket. Also, quality medical care is expensive and just because you may not have enough funds available then, you would not want to compromise with the health of a loved one or yourself. Personal loans can be quite useful during such times. They save one from dipping into their savings and they can be paid off easily over a period of time.
Home renovations
The structural integrity of the house that you live is important. Over a period of time, the wear and tear may call for renovations. Even before selling a house, the owner wishes to improve the aesthetics of the property so that it can fetch a good resale value. Or you may simply wish to give your house a makeover and start afresh. Home renovations can have different reasons. But once you start the process, you often feel the need to pool in a little extra to get the desired results. Personal loans give you the flexibility to use the funds for any purpose. Fullerton India Flexi personal loans are the ideal choice for renovations as they allow you to withdraw funds based on your requirement and you pay interest on only the borrowed amount.
Business investment
Business loans are not very easy to get. You need to come up with a presentation, complete the documentation and prove that your idea is worth the loan amount. Even then, there is no guarantee that the loan will be approved. A personal loan is easier to apply for, requires minimum documentation, and is not dependent on your business proposal. As the loan can be used for any purpose, starting a business or expanding one is easier with the help of these loans.
Weddings
Indian weddings are extravagant and huge. Weddings come with a list of expenses such as venue, catering, gifts, hotel bookings, and so on. There are various small and big expenses, some may even be unplanned. However, throughout the wedding, you need a steady flow of funds to run the show smoothly. Personal loans can prove to be quite beneficial here. They help maintain the steady flow of funds and can be used for any purpose. With personal loans, you do not have to compromise and can have your dream wedding without financial troubles.
Family vacation
You may have been saving for a family vacation for a while, but the plane tickets just got a little expensive. Or your favorite hotel is charging extra in this busy season. Don’t let these minor issues derail your vacation plans. Opt for a Fullerton India personal loan online and take care of such expenses easily. You can repay the loan amount through easy EMIs and can choose the repayment tenure at your convenience.
Education
A good education can cost a little extra, especially if you wish to enroll in a college abroad. The fees and the expenses on education are a long-term investment. You can start reaping the benefits as soon as the education is complete. Personal loans fulfill this crucial need and help you pay the fee timely. They help you achieve your dream and also provide a cushion for other necessities such as books, hostel, and mess.
Debt consolidation
Credit cards have become a common means of payment. Many times, you end up spending more leading to debts on one or more of your credit cards. Too many debts do not look on credit score, they may even become a financial nuisance due to the high rate of interests charged by the credit card companies. Personal loans can help you with such debt consolidations. Personal loans are offered at lower interest rates as compared to credit cards, hence, saving a lot of money in the long run. They help you escape the debt trap and one personal loan looks better on your credit history as opposed to many credit card debts.
