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Situations in which a Personal loan can be the savior
Posted on Friday, October 14th, 2022 | By IndusInd Bank
You can plan for all kinds of events in life in advance, but you can never prepare yourself for unforeseen circumstances as they can occur at any time. No one knows when life throws a curveball at you and changes it completely. It is wise to prepare for financial emergencies, but it may not necessarily be sufficient at times. It is at this time when options such as a personal loan can be helpful. Personal loans are unsecured loans, are easy to apply, and act as convenient solutions for those who are cash-strapped.
Take look at the following situations where applying for an instant personal loan can be a game changer –
1. Medical Emergency:
If a person meets with an accident or is diagnosed with an unexpected disease whose treatment is expensive or has an extended medical stay at a hospital. Whichever scenario you pick up, there is a high chance the person has exhausted his/her savings and there is no other option left to consider. In such circumstances, when you know paying back in the next few months is not possible, then using a credit card doesn’t make sense. In such a situation, medical emergency loan can help you tide over difficult times.
2. Spiraling Debt:
Have you taken simultaneous loans and can’t keep up with multiple EMIs? Getting stuck in a vicious debt trap can leave you stressed as the interest mounts! Facing such a situation, you could also see your credit score going down which can hurt your chances of availing future loans. You can take out a personal loan at low-interest ratesto pay off high-interest multiple credit cards and save money in the long run. You can also consolidate all your debt and take a personal loan for it with a single EMI to streamline your money. In this situation, you can enjoy the benefit of tenure of your choice with EMIs that you can afford as per your repayment capacity.
3. Wedding Expenses:
Unexpected expenses can happen anytime – especially when you have a wedding in the family. Often, you can go beyond your budget, and it is difficult to keep a track of payments. In such a situation, it is easier and more efficient to apply for allowing interest personal loans without putting up collateral. You can also use a PL EMI calculator to get an accurate monthly payment amount for the next few months at your convenience.
4. Home Repair:
Owning a house provides a sense of security, but the same comes at the cost of maintaining it from time to time. There might be situations when you need urgent home repair without which there might be further damage and loss. It is difficult to wait till payday in such situations and getting a personal loan is the best bet. Using a personal loan to fix the home makes it safe for everyone.
To apply for a personal loan, get in touch with IndusInd Bank which is available at affordable interest rates. Check here to know your eligibility.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
