5 Situations Where You Can Avail a Personal Loan

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Posted on: 01/12/18

Unlike home loan, education loan or car loan, Personal loan doesn’t have to be for a specific reason. You can take a personal loan for any miscellaneous reason and use it the way you want to, but that doesn’t mean that you will take loan just for having fun. Trust me paying back a personal loan is not a joke, you will be charged a higher interest and you would have to pay it.


Here are 5 such situations where personal loan can come in as a savior.


Personal Loan


For Higher Education- I know you must be thinking, that why would I avail a personal loan for higher education when I can avail an education loan and that too at a lower rate of interest. Well, that is true but not all the colleges are supported by the bank. The college should be in the list of your respective bank. If that is the same case with you, don’t hesitate to take that personal loan.


Medical Needs- This is the reason why our elders always tell us to save money, so when the time comes we wouldn’t have to ask people or bank for money. But today’s generation doesn’t necessarily believe in savings, they like to live in the present and not future. Medical emergency is something which can occur at any time in someone’s life and personal loan can give you that needed money.


For Marriage Purposes- Although I think that taking loan for marriage is not a step in the right direction because why would you want to do a big fat Indian wedding when you don’t have any money in the first place. Although if you have a good salary coming in every month then it is a feasible step or if you are running a little short on your wedding budget. So, since there is no marriage loan option by the banks, you can borrow a personal loan instead. Axis bank personal loans have a low interest rate compared to other Banks these days, so that is an option.


Take a loan to pay off Another Loan- If you already have a loan but are tired of paying a high rate of interest on it, taking a personal loan which has lower rate of interest can solve your problem. This way you can pay enjoy paying a lower rate of interest loan, although you do have balance transfer options these days in which you can balance the outstanding amount to another bank with low rate of interest.

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Comments
Good information

By pankaj, 01/12/18
Thanks for posting
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5 Situations Where You Can Avail a Personal Loan
Unlike home loan, education loan or car loan, Personalloan doesn’t have to be for a specific reason. You can take ... ...





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