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good reasons to take a personal loan

Top 5 Reasons To Take A Personal Loan

in Business

Thanks to constant developments in the FinTech sector, obtaining funding via a personal loan in India is now easier than ever. Gone are the days of waiting in long queues with a miscellany of files and reports to make an application. Today, you can apply from a handheld device.

Additionally, the documents required for a personal loan consist of basic KYC and financial proofs. As per a report published in Business Insider in 2019, India has over 1.9 crore personal loan borrowers. This high figure is a reiteration of the fact that owing to the ease of access, individuals are availing funding for a range of spends, both small- and big-ticket ones.

To tackle medical emergencies and complications

When faced with a medical emergency, having enough funding is key. This is because whether it is a traffic accident or a life-threatening disease that requires immediate hospitalization, most medical facilities will not provide aid without payment. Further, specialized procedures and highly-qualified doctors require finance running into lakhs of rupees. This is when offerings like the Bajaj Finserv Personal Loan come in handy. With near-instant access to a sanction of up to Rs.25 lakh, you can comfortably get the assistance that you need.

To shop without constraints both online and offline

Whether it’s buying new technology, the latest household appliances or bringing home modern furniture, shopping can be a significant expense for many. When you’re faced with unavoidable expenses, such as when you’re renovating your home, you can rely on a personal loan. With Bajaj Finserv, the personal loan eligibility criteria are simple and you obtain finance in an expedited manner. Get approval within 5 minutes and have the entire sanction disbursed to your account in 24 hours.

To host wedding celebrations and other family functions

Indian weddings are grand celebrations and depending on the customs, they last between a day and a week. In either case, the cost of hosting a well-planned wedding is high and can easily amount to a few lakhs, especially in the case of a destination wedding. However, since it is a major personal milestone, you’re unlikely to want to compromise on any aspect of the festivities, and rightfully so. This is where personal loans come into the picture. They allow you to borrow a significant amount that you can repay comfortably over a tenor of up to 60 months. 

To fund domestic or international travel

Whether you’re traveling for work or leisure, it can be a very expensive undertaking, especially if you’re headed overseas. Once you factor in costs for accommodation, food, and transport, your budget may increase significantly. Additionally, if you’re taking your family along, the amount only multiplies further. However, thanks to online provisions, you can obtain a personal loan in India within moments and so, avail financing as you chalk out your itinerary. This allows you to pay for the trip with ease and ensures that you enjoy your time away without making any compromises.

To finance higher education, both within India and overseas

With tuition fees at prestigious institutions amounting to several lakhs alone, pursuing higher education involves a high cost that can consume all your savings or your retirement fund. This is because apart from the tuition fees, you must also consider visa costs, transport and living expenses that often run into several lakhs. As a result, financing it with a personal loan for higher education can be wise. In fact, a survey shows that over 20% of personal loans taken by women were for educational expenses. Moreover, as the documents required for a personal loan aren’t many, you can obtain financing without having to produce a long list of course- or college-related paperwork.

Irrespective of the reason you want a personal loan for, remember that when you pick Bajaj Finserv, you can opt for the Flexi Loan facility. This allows you to borrow from your sanction as per your needs, multiple times. You are also charged interest only on the amount you withdraw and not the entire sanction. Another notable feature is that you can reduce your monthly installments by up to 45%.

Moreover, if an instant personal loan in India is what you need, you can check your pre-approved offer from Bajaj Finserv. Thereafter, access a personal loan on customized terms.

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