When To Apply For A Personal Loan

By BankBazaar | January 30, 2016

When To Apply For A Personal Loan

People often find themselves in a financial crunch for one reason or another and are at a loss for what to do. This is where Personal Loans come to the rescue! A Personal Loan is one of the most popular choices when funds are needed. It could be for a wedding, house renovation, business expansion, medical emergency, the clearing a debt or anything else. A Personal Loan will provide financial aid for anything, as long as it’s legal!

Here’s a list of situations where Personal Loans are put to good use.

Wedding on the Cards?

A big fat Indian wedding or not, there’s no denying that the expenses incurred during a wedding are high. You might think of using all your savings to cover the expenses, but is that really a good option? While breaking an FD may seem a like a good idea, mortgaging your house is certainly not an advisable step. Instead of taking this extreme step, you can apply for a Personal Loan. These loans will certainly make for a smooth, new beginning! Isn’t that how marriages are supposed to be – smooth sailing and happy?

House Repairs

House repairs pending because you’re still waiting for some funds to come in? A Personal Loan is an option you can consider to tide you over until your financial situation improves. Some things shouldn’t be put off indefinitely so, make good use of your personal loan to make sure that your house is shipshape.

Additional Reading: 4 ‘I’s to avoid Personal Loan Rejection!

Medical Emergency

Medical emergencies often come unannounced and tend to walk hand in hand with big medical bills, especially if you don’t have Health Insurance. Sometimes, even if you do have Health Insurance, it might not cover all costs. Here’s where a Personal Loan can be a boon, helping tide you over until the emergency passes.

Education

While Education Loans are available to pay for higher education expenses, it’s possible that loan amount isn’t enough to cover all the costs. In a situation like this, you can apply for a Personal Loan to handle the additional expenses. Unlike Education Loans though, you will have to start repaying your Personal Loan before the end of your course. Make sure you check the repayment policy and whether of not you can manage the Personal Loan EMIs with ease.

Need money for any of these reasons? We’ve great offers on Personal Loans!

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

6 thoughts on “When To Apply For A Personal Loan

  1. AvatarTRISOD

    i want to get 3 lakh Personal loan for my sister marriage.please revert with complete details.

    Reply
    1. AvatarTeam BankBazaar

      Hi Trisod,

      You can check your Personal Loan eligibility here.
      Cheers,
      Team BankBazaar

      Reply
    1. Kiran CastelinoKiran Castelino

      Dear Vipul,

      Thank you for contacting BankBazaar!
      Please email support@bankbazaar.com with your requirement and we will get back to you. You can also call us on +91 44 66511800 (Monday-Saturday from 9AM to 6PM) or add us on WhatsApp (+91 98848 08231) and we will be happy to help you.

      Cheers,
      Team BankBazaar

      Reply
    1. AvatarTeam BankBazaar

      Hi Heyatur,

      You can check your eligibility and offers here.

      Cheers,

      Team BankBazaar

      Reply

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