Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply
Quick Links for loans
Quick Links for Insurance
Investment
Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Personal Use Loan > Does the Purpose of Personal Loan Matter for Approval of the Loan?

Personal Use Loan

Does the Purpose of Personal Loan Matter for Approval of the Loan?

Does the Purpose of Personal Loan Matter for Approval of the Loan?

One of the most significant advantages of applying for a personal loan is that you don't need to reveal the purpose behind taking one. Sure, your lending institution, in casual conversation, might ask what you intend to do with the money you wish to borrow. Or, you might end up sharing why you require quick personal finance.

But, typically, revealing the reason behind applying for personal finance is not an eligibility criterion for filing the application or even receiving the approval. In short, credible lenders understand, ‘it’s personal!’ 

Is opting for personal finance a good idea?

Sadly, there’s no yes or no answer to this question. However, if you run into sudden financial trouble, opting for personal finance is a quick and secure way to get rid of it. Here are some of the usual purposes of personal loan.

1. Medical emergencies

Medical bills, especially during the pandemic, can rack up unexpectedly. And, you must clear them in time to continue your or your loved one’s treatment. But should you run out of funds, given that quality medical treatment does not come cheap, opting for personal credit or loan is the right thing to do, as opposed to breaking into your hard-earned savings.

Anyway, personal loan interest rates are at an all-time low these days, which is all the more reason to go for a loan. And let your savings and investments earn the returns they are compounding.

2. Children’s higher education

Every parent wants to provide the best possible education for their child or children. And, sometimes, the funds you've saved for their education can end up falling short. In such a case, you can supplement their studies by opting for personal finance. Doing this ensures you don't delay your child's tuition fee, or worse, have them drop out a semester.

Additional Read - Quick Guide about Personal Loan Disbursement

3. Big-ticket purchases

Want to purchase a Recreational Vehicle (RV)? Maybe the latest gym equipment? Perhaps you want to take a world tour? Whatever your end goal may be, personal finance can help you fund all big-ticket purchases seamlessly. And, the best part is that you repay them in monthly instalments!  

4. Funding major milestones

Whether you want to relocate to a new city or fund your child's grand wedding, personal finance can help you celebrate all such milestones in style. What's more, institutions like Tata Capital extend relaxed personal loan eligibility criteria, which increases your chances of approval.   

Additional Read - Steps to Get a Personal Loan with Bad Credit

Before you go

Lastly, know that personal credit or loan is unsecured finance, meaning you don't need to pledge any collateral or guarantee while applying for one. All you need is minimal documentation and a decent CIBIL score.

Want to apply for personal finance at affordable interest rates? Partner with Tata Capital! We offer personal finance at competitive ROIs with negotiable repayment tenures. If you want to know the kind of EMIs you’ll be paying with us, use our personal loan EMI calculator available on our website.

So, cover your expenses without telling us your end goal. Start your application today!

Apply for Personal Loan Now
Disclaimer

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Important Information

Investor Information

Visit us on:,Visit us on: www.tatacapitalmoneyfy.com,www.tatacapitalmoneyfy.com

Our Private Equity Funds

Amalgamated Companies

Top Branches

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.