Over the last few years, online loan taking has made it possible for potential borrowers to avail themselves of personal loans digitally. Personal loans by themselves are a highly convenient form of financing to avail. And then adding online platforms to the mix makes it all the more hassle-free. These days, several lenders in the market offer loans online. Some financial institutions take it up a notch and introduce loan apps as well. Fullerton India personal loan app is the perfect example of the same.
Fullerton India’s personal loans are unsecured, or rather, collateral-free loans. Given its speedy nature, it helps you meet urgent financial needs. Under such loans, the borrowers have the flexibility of choosing what they want to use their loan amount for. They can be used for anything since personal loans do not have an end-use restriction. Some of the main reasons borrowers undertake personal loans will be discussed below in detail.
Consolidating Debt
People usually have more than one channel of debt. Nowadays, this is normal because credit cards and loans have become more accessible. While availing them is simplistic, repayment can be tricky due to transactions being made to various parties. Each debt of yours will more likely than not have different EMIs and interest rates. It can get tricky to keep track of all of them. To aid such a situation, personal loans can be used to pay off all your other debts. This way, your other liabilities will be paid off, and you will only have one stream to repay. This will make handling your finances much easier and can even be cost-effective.
To estimate whether this will be more cost-effective, you can use a personal loan balance transfer calculator. It is a great tool that can help you gauge where you stand financially. Hence, enabling a more narrowed down search for a loan offer that caters to all your needs.
Education
Quality education, especially in private institutions or abroad, is certainly an investment and comes with a hefty price tag. To finance these costs, people often resort to student loans. But, student loans have very strict eligibility criteria, and may not cover certain costs. A personal loan, however, is the apt solution to difficulties in financing higher education. It is a good alternative for student loans as it is provided to the student’s parent or guardian based on the eligibility of the guardian, can be obtained faster, has competitive interest rates and requires very minimal documentation. To get the best and most affordable interest rate, ensure thorough research and compare multiple lenders before selecting one.
Weddings
Having your dream wedding can be quite a cost inducing event. And nobody would want to compromise when it comes to this important day. You deserve to have all your desires for this special day met. To enable the same, couples (or the parents of the betrothed couple) can take up personal loans and fund wedding expenses. You can enjoy to your fullest on your day and then comfortably pay out the loan between 12 to 60 months.
One-Off Expenses
For the most part, one-off expenses are large sums of money and having liquid cash available for them at all times is not viable. Undertaking a personal loan for this purpose can be very helpful as it alleviates the burden of financing something and having to compromise on quality. The following are 2 such large one-off expenses that people generally require funding for:
- Home renovations and improvements are a huge expense and need a substantial liquid cash pool to fund it. But naturally, many people may not have the funds required readily available. For home renovations specifically, you might be saving up, but it can often fall short. Funds you save usually fall short due to the sheer fact that estimates given in quotes are not always accurate. When architects, interior decorators and contractors evaluate a space, they only see surface-level problems. Oftentimes, during the time of work, they find many more things to fix, which are mostly unavoidable. These new additions naturally require more money. Borrowing funds through a personal loan can very conveniently present you with the solution for a cash crunch during renovations. It helps you pay for the costs in comfortable instalments.
- Paying for transportation and new vehicles is a large expense. If you are planning on purchasing a brand-used 4-wheeler from a dealership, you are likely to get a lower interest rate and smaller amounts in monthly payments compared to secured loans. An unsecured loan, like a personal loan, fulfils your need for cash.
Visit Fullerton India’s website (salaried and self-employed applicants) or download Fullerton India Instaloan app (for salaried applicants only) to avail a personal loan instantly. Get attractive interest rates and instant disbursal too. Submit your application today!