There is no single good reason for taking a personal loan as it depends on the purpose for which you need funds. Thankfully, personal loans can be taken for any reason provided that you satiate the eligibility conditions put forth by the lender. Some of the popular small personal loan types are given below so that you understand the different reasons for which you can avail of a loan: Home improvement loan If you intend to do some structural or interior changes in your home, you can apply for a home improvement personal loan. You can get a quotation from a builder or contractor before applying for the loan as it will help you to procure the loan easily. Wedding loan Taking a wedding loan to cover all the expenses related to marriage is not a new trend anymore as young individuals these days are not interested in disturbing their investments. Education loan You may secure an education loan for your child to manage the expenses related to their higher education. For that, you need to co-apply for the loan along with your child. Travel loans, debt consolidation loans, medical loans, etc. are some other personal loan types that you can avail of to cover emergency expenses. You can also apply for a small personal loan from peer-to-peer lending companies or instant loan apps if the fund requirement is not huge. However, do not forget to calculate the EMI by using the loan EMI calculator or online loan EMI calculator as it will help you to prepare yourself financially. Also, it will help you to choose a tenor that can help you to repay the debt without any issues. It is possible to get a personal loan with low CIBIL but the interest outflow could be greater. This is because of the high-interest rate at which the lender will provide the loan if your CIBIL score is less or if you don't satisfy the eligibility terms. A better idea would be to explore the pre-approved loans that you can get quickly with minimum documents. For instance, Bajaj Finserv gives pre-approved offers for its different products, including personal loans, credit cards and home loans. Visit their portal and enter your name and phone number to check the personal loan offer for you. Additional Read: Know the good reason for a personal loan?
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |