Top 8 financial goals that you can fulfil with the help of a personal loan

With changing lifestyles and rising disposable income due to the rising tradition of double income nuclear families in India, people are gradually increasing their spending as well. Living for the present instead of solely saving for the uncertain future is what people are increasingly realizing and focusing upon. And despite lots of financial planning in life, uncertainties can strike anytime and result in the arising of the need for immediate funds to fulfil the financial shortfalls. In such cases, availing of a personal loan can come to your rescue quickly. 

And not just the public and private sector banks, you can get one of the best loan deals from Shriram Finance Personal Loan as well, especially when facing difficulty in getting the loan approved and not qualifying for the stringent Loan Eligibility criterion of banks.

Listed here are some of the common financial goals and reasons for which one can take a personal loan:

Exhaustion or absence of emergency fund

It’s always advisable to maintain an emergency fund. The primary aim behind the repeated insistence on the maintenance of this fund is to tackle unforeseen financial exigencies which are capable of temporarily impacting your income inflow. However, failure to maintain a contingency fund for rainy days or exhausting an existing one is not the end of the road, as you can take a personal loan to fulfil urgent monetary requirements. With quick disbursal, minimal documentation, zero restriction on end usage of loan proceeds and absence of security or collateral requirement, personal loans certainly possess the features and loan eligibility criterion to assist one to tackle such exigencies and financial shortfalls.

Medical Emergencies

Another commonly faced adverse life event wherein many people tend to realize the need to take Shriram Finance Personal Loan to bail themself out is during medical emergencies. Yes, there is medical insurance to help in such scenarios, but for those whose medical cover turns out to be inadequate and/or those who altogether do not possess medical insurance, urgent need of funds to tackle such exigencies can be fulfilled by availing a personal loan. Moreover, your medical insurance might also not cover everything involved in the process, hence making it even more likely that funds might be required, especially due to rising healthcare costs, wherein a single hospitalization bill can eradicate one’s entire life’s savings.

Wedding Expenses

All of us plan to get married someday in our life. It’s a special occasion which mostly happens once in a lifetime for people, hence many dreams of having it in a grand way, While most people’s parents tend to plan for their children’s wedding expenses, it’s not the case every time. Even some unforeseen exigencies or adverse life events can lead to consumption of that marriage corpus, which may thus pose an issue in financing one’s wedding. This is where taking a personal loan can come in handy. One can easily avail of a personal loan as per their loan eligibility and gain funds for their marriage expenses, and repay the loan in the form of comfortable EMIs.

Debt Consolidation

Borrowers, especially those serving multiple loans, often tend to face difficulty in repaying their existing loan EMIs. During income disruptions or financial exigencies.  To tackle such circumstances, one can go for the option of debt consolidation, wherein they would be required to repay only one consolidated EMI by taking a fresh Shriram Finance Personal Loan equivalent to the total outstanding amount of existing loans instead of multiple ones at varying rates.

Home construction or renovation

Many people tend to purchase a plot of land or already have one inherited from ancestors, upon which they intend to do home construction and later either rent it out for additional income or themselves plan to live in it. Whereas in other cases, existing homeowners might plan to renovate their home or carry out major repairs in it. For all these purposes, taking a personal loan as per your loan eligibility can be a suitable way to avail funds, especially because it involves quick disbursal of funds without any requirement for collateral/security and zero restriction on end usage of availed funds.

Travelling expenses

With changing lifestyles and priorities amongst people, especially the younger generation, living life in the present instead of compromising in order to save for the future, has become a common practice. And with such trends and changing preferences amongst them, lots of people now aim to break free of their day to day lives and aim to travel more and more. And to fund their vacation expenses, they do not shy away from taking a  Shriram Finance Personal Loan. And with key features in the form of quick disbursal of funds without any requirement for collateral/security and zero restriction on end usage of availed funds, personal loans come up as a conventional loan option for funding travel expenses, whether for domestic travel or a foreign vacation with friends and family.

Higher Education

Amongst the numerous purposes for which people need funds, pursuing higher education, whether in India or abroad, is also a goal for which personal loans can come to one’s rescue. This is especially true because, although education loans are there for this purpose, most of them require security in the form of guarantor/co-applicant or collateral, fulfilling which is not possible for a lot of higher education seekers.  Hence, to meet the financial shortfall of funds required to complete your higher education studies, taking a Shriram Finance Personal Loan can be a good idea, as it ensures your studies do not get halted due to lack of funds.

Business expenses

For the budding entrepreneurs and existing business owners in our country who require funds for varying business purposes like working capital expenses, business expansion or capital, personal loans can be their saviour in numerous ways if they satisfy the Personal Loan Eligibility criterion laid by the lenders. When compared to other loan options in the form of business loans, personal loans are certainly easier to get, usually involve lower interest rates, simpler process, minimum documentation, no restriction on end usage, and of course, are collateral-free loans that can be comfortably repaid in EMIs.