5 Ways Personal Loans Help To Fulfil Your Dreams Faster

The fact that life is uncertain is a true fact, no matter how hard it is to accept. In a matter of minutes, your life can be turned upside down. The COVID pandemic made the fact hit home harder than anything had ever done before. And with that, most of us have changed our attitudes and approach to life as well. We no longer feel it prudent to let go of our dreams and bury them in the distant future. We would like to make the most of every available moment, live life to the fullest and live without regrets.

And here is where the Personal Loan product offered by several banks and NBFCs comes in handy. The personal loan amount offered varies from lender to lender as do the repayment terms and conditions. You can get personal loans up to INR 50 Lakhs with interest rates ranging from 10.49% upwards. Tenures usually extend from 6 months to 7 years. Perhaps the greatest benefits of a personal loan is that there are no conditionalities attached to its usage. Additionally, the personal loan in India is offered online by most lenders. You could therefore use it to fulfil any or all of your dreams. Here are some of the ways that you could use a personal loan:

A Down-Payment To Your Dream Home:

If you have pin-pointed the dream home you wish to own, you will be asked to make a downpayment immediately in order to book it in your name. Getting a home loan requires far more time than a personal loan. Processing of personal loans is super-quick compared to home loans. IIFL Finance for e.g., offers instant personal loans, up to INR Five lakhs online, where formalities can be completed in just one day.

Renovate or Furnish Your Home:

Most of us love our homes to be well-furnished, spick and span. Whether a leaking roof or damp walls, furniture that is creaking or a garden that needs landscaping, there is so much that you can do to make your old home brighter, more cheerful and comfortable.

Start Your Own Business Enterprise:

If you have a business idea, the grit and necessary acumen to begin your own business venture, a personal loan is definitely a solution. Unfortunately, most banks and NBFCs offer business loans only if a business has been in operation for a year or more. Thus, the personal loan with no pre-conditionalities could provide you with the much-needed capital.

Take A Much-Needed Holiday:

There are times when taking a personal loan to finance a holiday does make perfect sense. For e.g., sometimes you may be taking on a new job with a good salary hike. You are aware that getting leave for the first few months will be difficult. You are also aware that a good holiday will refresh you mentally and physically, allowing you to excel once you join. At such a time, a personal loan will provide you with the money you need to finance the much-needed holiday.

Buy A Special Gift For Someone You Love:

Most of us love to gift our loved ones something meaningful on special occasions – a silver or gold wedding anniversary gift for your spouse, a golden or diamond jubilee gift for a parent or brother or sister. Unfortunately, we may not have the liquid cash necessary to buy that special gift. The no-questions-asked personal loan is ideal at such times.

While a personal loan does help in fulfilling your dreams, do your research well to point out which lender is offering you the most advantageous of terms and conditions. And of course, do make sure your monthly budget can finance the EMIs without a problem.