Introduction

Money plays a huge role in shaping our lives, along with the ability to decide how things change for us in this life.  While this has the potential to turn our dreams into reality, there is one small problem that most of us face – the lack of finances to do what we want to do.  Now, while lack of money can be detrimental at times, one must remember that there are many ways in which we can bridge the gap between what we have and what we want.  One such quick fix is ​​borrowing, although not everyone is in a position to take advantage of it.  People who are able to borrow usually do this, a large part of our population is in debt in one form or another.

Personal loans are a big part of all loans, mainly because of the ease of availability and the flexibility options provided.  While they provide immediate financial assistance, there are some instances during which a personal loan becomes unenforceable, so it is important to know why this loan can be obtained.

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   Take out a personal loan if:

You want to take a vacation – our busy lifestyle can be said to be the biggest reason behind the health problems we face. Working long hours, a stressful work environment, unhealthy eating habits can all affect our lives badly. Holidays that are full of complexity are neither fun nor comfortable. Individuals who cannot afford to pay for vacations through their regular income can take out personal loans to travel and explore new possibilities.  Lenders are not opposed to lending for such reasons, provided you have travel-related documents. Anyone can get a loan of up to Rs.  2 million, making sure your money isn’t wasted on finding new ones.  Given the fact that most banks do not offer any special product for the holidays, a personal loan is probably the best bet for us.

You have to pay the price of marriage – marriages are expensive, there are no two ways about it, most of which is the price of a bomb. Given the fact that a wedding is a one-time event (for most people), we don’t think twice about the cost involved in hosting it. Indians are known to spend more during weddings, and most people take out personal loans to cover all expenses.

You want to pay off existing debts – we live in a time where almost everyone has taken out a loan to deal with a financial emergency.  Many people have many loans in their name, whether it is a home loan, a car loan, an education loan, etc.  Given the number of such loans, it can be difficult to repay them personally. A great option would be to take out a personal loan and use the money to pay off all existing debts, leaving only one financial obligation. Not only does this reduce the burden of paying interest on multiple loans, but it also helps to increase the CIBIL score. Most banks do not refuse personal loans aimed at repaying existing loans.

You have a medical emergency – let’s face it, life never goes according to plan.  A medical emergency is something we never wish for, but inevitably crosses our path at some point.  Given the cost of healthcare, many of us may not be able to cope financially even after using all our savings.  Health insurance can cover trauma to some extent, but it cannot cover the additional costs. In such cases, personal loans often become a last resort, providing some relief to everyone involved.