Did you know that you can put personal loans to a great number of uses, other than purchasing big-ticket items?
Benefits of Personal loans are limitless, only if you know how to use them. Apart from financing your needs and wants, they also provide a great way to increase cash flow and build credit.
What’s more, they don’t require any collateral. You can expect swift disbursements from banks, and won’t have to sit through hours of paperwork signing every nook and corner. And the best part – it is easy to apply for a personal loan online.
Let’s look at five scenarios where a personal loan is the way to go.
1. Consolidating debts
Have you been spending way too much on credit cards until the point of no return? Well, a personal loan might be able to get you out of the debt vortex. Moreover, the interest rate on your loan may be significantly lower than what credit cards charge. But, a word of caution – stay prudent and responsible when consolidating your debts or you’ll be staring at an even bigger debt pile.
2. A medical emergency
Medical emergencies can strike any time and in varying degrees of magnitude. Sometimes they’re enough to rattle your bank balance. In such exigent circumstances, having cash by your side becomes imperative. A personal loan is the best way to take care of finances in such a situation. They need little paperwork, and are sometimes disbursed almost instantly.
Additional Read: Should You Apply for A Personal Loan Online or Offline?
3. Financing a purchase
Are you in need of a vacation but can’t afford the trip? Do you want to own the latest iPhone but the price tag scares you away? A personal loan can help you realise all those dreams that money is keeping you away from. The best part is that lenders typically have relaxed personal loan eligibility criteria and seldom require the reason for the loan. Also, you can set the tenure for yourself, which typically ranges between 1-6 years.
4. Higher education
Though education loans exist to finance studies, they require the applicant to be already admitted into an institute. In such cases, a personal loan comes to your rescue. Apart from funding your tuition, it can also help with miscellaneous expenditures.
5. Business financing
A lack of funds is one of the biggest hurdles in the way of business growth. Apply for a personal loan online to alleviate all your cash flow problems. No matter the size of your business, you will find a loan product for your needs.
Additional Read: How to Choose the Best Personal Loan for Different Needs?
At Tata Capital, we offer affordable, flexible personal loan that can be tailored according to your needs. With loan amounts ranging from Rs. 75,000 to Rs. 25 lakhs, you can fulfil your desires, pay for emergencies, and finance a gamut of purchases with Tata Capital’s loans. Check your personal loan eligibility today, and contact us for more information on our loan products.