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Personal loans can be availed for a variety of purposes. This blog details out different types of personal loan uses.
Personal loans are flexible to use and can be used for a variety of purposes. There is no binding on what purpose have you taken it for. Here are the various and most common uses of personal loans:
1. House repair or renovation: This personal loan covers any expenses made towards the repair, maintenance, and refurbishing of a house. This may include paint, technical repairs, kitchen refurbishment, renovation for renewal purposes, etc.
2. Medical loan: During medical emergencies when one needs to arrange money in a short span of time, a personal loan on a low interest rate is a great option to meet urgent needs.
3. Wedding and personal events: Expenses take a new level during wedding. The arrangements come for a handsome amount, followed by a vacation also. All these related expenses can easily be met with a personal loan without emptying your funds.
4. Higher education loan: You can manage all your expenses pertaining to higher education through a personal loan. This includes tuition fees, travel, accommodation etc. for education in both India and abroad.
5. Used car loan: You can avail a personal loan even when buying a second-hand or used car. So don’t worry if you’re not buying a new car, you can still take a loan.
6. Travel: Nowadays family trips to foreign location is increasingly becoming common and that needs a heavy budget. It’s a great idea to use a personal loan rather than drain out your accounts.
7. Debt consolidation: Debt consolidation refers to combining multiple debts into a single loan or credit card, with the aim of making it easier to manage your finances. You can consolidate your smaller loans with a personal loan on nominal interest rates.
8. Small personal loan: All other miscellaneous or unplanned expenses like sudden need of additional funds, family events, child’s education expenses, etc. can be met with the help of a personal loan.
Usually, the eligibility criteria are fairly relaxed for personal loans. They are often common across various financial lenders, however, there may be minor variations here and there. Here are few common conditions:
The following documents are generally required and acceptable to apply for personal loans:
There may be additional documents required varying from applicant to applicant.
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