Savings and investments are earmarked for particular goals. For instance, you may need a chunk for education, buying a property, foreign travel or a wedding. But using them to upgrade your lifestyle or cover contingencies is a spoilsport. Yet your hands may be tied in such situations. For instance, you may be in dire need of a new fridge, a home renovation or paying off a credit card bill. This is when a personal loan comes in handy.
The best fintech lets you borrow between ₹15,000 and ₹4,00,000. You can consider lenders who offer cash loans via WhatsApp as well. The EMI can be spread over 90 to 540 days to reduce the debt burden. Unlike traditional loans disbursed for big-ticket purchases, a digital loan is offered for small-term needs. Read on.
Rental Deposits
Pay house rent with an instant loan without breaking the bank. There are plenty of other costs that come along. So, the fund can be used for:
- security amount
- brokerage or real estate agent
- interior décor like a splash of paint
- packers and movers
- buying home appliances.
The list of additional expenses is endless, and a loan is ideal for handling it all. There is no limitation on the usage, and you can obtain it within minutes. A safe app is available on the Google Play Store and App Store.
Mobile Phone
2022 saw the release of the iPhone 14 and Samsung Galaxy S22 Ultra. Use a phone loan to bring your favourite one home. Tick off the eligibility criteria like a ‘good’ credit score and a salary of a minimum of ₹15,000 to increase the chances of qualifying. It is also wise to use the fund to pay for the mobile EMI, recharge bills, accessories and maintenance.
Home Makeover
Homeowners may wish to transform their space into an energy-efficient one. Else, make small changes and necessary repairs. Plumbing, electrical works and flooring are essentials as well. A cash loan can provide for the finances. It ensures hassle-free disbursal with only the essential documents. Get an estimate from the contractor to apply for the correct amount per your needs. Payback via NEFT/IMPS later.
Consumer Needs
A personal loan may help you lead a luxury lifestyle without exhausting your savings. Buy an AC, LED TV, furniture, clothes and groceries with a portion of the cash reserve. This way, there are no budget constraints or financial strain. No need to provide collateral makes it even more convenient and quicker for millennials.
Conclusion
A personal loan can be the best option for clearing utility bills, doctor’s appointments, pet needs, daily commutes, gym memberships, streaming platform subscriptions, renting a car, paying tuition fees or planning a trip. Know the fees beforehand to avoid surprises.
