6 Expenses That You Can Finance With An Instant Personal Loan
The no end-usage restriction feature of personal loans enables you to use these for any financial objectives. Other features like financing up to Rs.25 lakh and tenors ranging from 12 to 60 months make these loans favorable for almost any expenses.
Some of the expenses for which you can avail a personal loan are –
- Higher Education
Targeting some of the renowned institutions like IIM and IIT can cost you considerably to fund your child’s education. The expenses can multiply if you are sending him/her overseas.
Hence, availing an instant personal loan can be exceptional for higher education. You can also claim income tax benefits on the interest paid under Section 24(b) in such cases.
2. Debt Consolidation
You have accumulated a significant amount of debt and paying high interest. Opting for a personal loan can help you consolidate all of them into one. Managing a single loan is less complicated and lowers your interest burden. Note that you should only consider consolidating credit card dues with a personal loan to benefit from lower interest rates.
3. Medical Emergencies
Private medical facilities can charge a hefty amount for healthcare if you don’t have insurance. Plus, your savings may not suffice the funds required to meet such expenses.
So, apply for a personal loan to keep your savings intact and avoid breaking your investments.
4. Home Renovation
Using a personal loan for home renovation can be beneficial. You can claim income tax exemptions in such situations. Avail tax exemptions of up to Rs.30,000 on the interest paid under Section 24(b).
5. Wedding
Arranging funds for a wedding can become a challenging and expensive affair and even more if it is a destination one. However, taking the help of a personal loan can eliminate this problem.
6. Business Expansion
You can also apply for a personal loan when you seek funds to grow your business and expand operations.
Opt for a personal loan from NBFCs like Bajaj Finserv and take advantage of quick approval within 5 minutes and disbursal in 24 hours. Bajaj Finserv also provides a personal loan calculator to know your monthly EMI.
Must Read: 6 Expenses That You Can Finance With Instant Personal Loan
