Different Situations, Different Personal loans

Posted by Trishya Sharma on November 28th, 2019

Personal Loans from digital NBFCs are customized today and have improved the value addition to the consumer, for  both  the short-term as well as long-term goals of debtors.  That is the reason it comes as no surprise that these collateral free, pocket friendly and unsecured personal loans have started to grow at a rate of 20-30% percent in last 1-2 years

At the moment, lending institutions across are disbursing Personal Loans.  Most of them are situation specific and caters to different needs of the individual. Today’s generation who are driving the market have special, personalized demand for products.  Whether you have to renovate your house, purchase an appliance, arrange your wedding or choose an global vacation -- Personal Loan availability in the click of a single button has revolutionized the landscape!

Here are different situations that helps you pick personal loan as the only form of credit that can prove to the best fit for life-stage specific need:

1. Consolidation of Debt:

Instant Personal loans can help you consolidate of your debts under a single umbrella.  No longer do you need to go about varying interest rates and paying 2-3 different loans.  You can apply for a personal loan at lower interest rates to consolidate all your loan at one go. Most common such loan is Credit card Takeover Loan. For example, you can consolidate your credit card debt/ outstanding amount by availing a Credit Card Takeover Loan. The immediate clearance of credit card outstanding saves on the high interest payments that you are making on monthly basis and also, protects your credit score. In Debt consolidation, you only pay interest on the amount which reduces monthly cash outflow by 40%.

2. Wedding:

Whether it is wedding outfits, or be the place, or the meals or the décor -- turning a marriage into a reality demands good financial planning. And if the savings are short of the   wish- lists, this is what loans aim to host!  These online Wedding Loans do not only help in times of emergency and not using your credit card, but also later, help you by providing financial cushion as you start a new marital life. Wedding loan from LoanTap are flexible and allows interest only payment up to 5 months, followed by regular EMI for the tenure of loan. One may also prepay their loan post 6 months of disbursal.

3. Security Deposit Payment :

Rental Deposit Loans lets you pay your landlords advance security deposits while loans work wonders while you are shifting cities or homes!  When you move to a rental apartment that is new or alter locations, you'll be expected to pay a total amount of 8-12 months as a security deposit to landlord.  A personal loan is specifically created for this purpose of paying rental deposits, it will directly transfer the stated security amount in your landlord's account, thus leaving you with complete financial discretion. The borrowers pays only interest on the loan which is 40% lesser than regular personal loan’s EMI. This system makes it more easy for borrowers to lease homes of their choice and helps save their saving while shifting..

4. Big Ticket Purchases:

The need for making immediate high purchases can be rather financially surprising.  A microwave may break, a car may have to be sent to service station for major breakdown.   In such a circumstance, your savings would be dented. However, EMI Free Loan permits the interest payments to be made by you .  This reduces monthly cash outflow by 40%. You pay back in the principal repayment every 6 months as a bullet payments.

5. Dream Vacation:

Last but not the least, you can avail your dream vacation to be taken by these loans that are instantaneous!  A loan crafted to fund a vacation takes care of all of your expenses.  Whether it's the lodging fares the air tickets or the meal fees, a vacation loan will help you fund your domestic or sojourn.  With this loan in your kitty, taking a trip away to your favourite place could turn your dream   For the first 3 months, you pay the interest amount that is applicable.  4^th month onwards, you begin repaying the principal amount as an integrated EMI. Going EMI-free for the few months to give you the room without requiring the burden of their expenses, to reset your post travel.

Conclusion:

Together with the needs of consumers the loan segment has started to shed its apparel.  It's increasingly producing/delivering goal-oriented customer-centric and tailor-made options which harbour the potential to help people fulfil their fantasies.  So, in case you too wish to be a part of the instant loan revolution, get to know unique goods and apply for a customized personal loan with a low monthly cash outflow here!