5 scenarios where a personal loan can be a saviour in 2021

Times have been challenging, especially financially. Don’t be harsh on yourself if you find yourself incapable of managing your finances adequately. You can never predict the future – for all you know, a mishap comes knocking at your door out of nowhere. They say that it is a good idea to plan your future and accordingly plan your finances. But how often do you think our plans actually materialize? Can you be ready and prepared for all that life has in store to throw at you? No. Therefore, you shouldn’t shy away from opting for a personal loan when it is necessary.

When can a personal loan be your rescue?

Personal loans are important. They can provide immediate funding and liquidity and thus make your life easier. You can get a personal loan at interest rates starting at 10.99%. They are easy to avail of and collateral-free. What’s more, a loan up to Rs. 25,00,000 can be availed of online with minimum documentation requirements.

Here are 5 scenarios where a personal loan could be your saviour in 2021.

1.     Festive shopping

Festivals are a huge deal in India, and we believe in staying close to our relatives to celebrate together. Diwali, which is just around the corner, is a time of pride, love and victory. Opt for a personal loan to meet your pooja, decoration, and gift expenses. You can buy traditional clothes and light up the moment, but only expose yourself to the amount you are confident of repaying on time. Greed and overexposure are wrong – they could lead to your absolute ruin. Hence, plan your finances well and take a well-thought decision.

2.     Education

Education is the most crucial asset that an individual can possess – there is no second thought about it. If your children are ambitious and want to study abroad, your financial issues should not get in the way of their dreams. Foreign education is extremely costly, and it can give you nightmares if you don’t have a rescue plan. A personal loan could be your saviour, giving you the current financial freedom that you need to fund the expenses. An education loan will not always provide all the coverage that you need. Compare plans and interest rates adequately.

3.     Medical emergencies

A personal loan is a clever way to shield you from a debt trap during medical emergencies. Health insurance should be able to provide immediate relief as well. However, insurance will not cover 100% of the expenses, and there may be times when your claim does not get accepted. In such times, you should immediately check for your personal loan eligibility and apply for a personal loan online. An unsecured loan gets approved within hours, and the money transfer also happens online.

4.     Repayment of credit card liabilities

When you find yourself in a debt trap, it becomes difficult to escape. Credit card interest rates are as high as 30%, and your credit score gets impacted after every default. To avoid negative ratings, you can opt for a personal loan available at lower interest rates to repay the credit card liabilities. Make use of your lender’s personal loan EMI calculator to stay updated about your commitments.

5.     Miscellaneous

You might need immediate cash to travel abroad with your loved ones and spend quality time on vacation, get your home redecorated, or fund a grand wedding. Make sure you have a budget set for all these expenses, and you can repay the loan you take.

Final takeaways

A personal loan is your superhero, and how wisely you use it is up to you. Make smart choices with a personal loan and open up opportunities for yourself.

Personal loans can be very helpful in case of medical, financial, educational, or business emergencies or in case of approaching festivities. You must not shy away from opting for such a loan. Check your eligibility and personal loan interest rates here.