Clix > Credit Score > 6 Major Types of Personal Loans You Can Take If You Have a Credit Score of 725 or Above

6 Major Types of Personal Loans You Can Take If You Have a Credit Score of 725 or Above

Clix June 16, 2021

 

Personal loans are unsecured loans that are easiest to apply through NBFCs. They do not require exhaustive documents and you are free to use your loan amount to meet any of your financial needs, like renovating your house, paying for a medical emergency, going for a vacation abroad, pursuing higher education, financing a wedding, or consolidating your debts. Terms and conditions are also easier for personal loans as compared to other types of loans.

Being an unsecured loan, you don’t need to pledge any asset as collateral. When you apply for Clix Capital Personal Loans, you may get a loan amount of up to ₹ 25 lakhs in as little as 15 minutes*. However, your credit score plays a crucial role in determining whether your loan application will be rejected or approved. Most lenders, including Clix Capital, ask for a credit score of at least 725 or above.

Check your credit score here and apply for any of these personal loans if you qualify with a sufficient credit score.

1.    Personal Loan for Wedding

You may apply for a personal loan for wedding if you are planning for a big grand and you need money to cover the related expenses. You may use the wedding loan amount to pay for the venue, jewelry, wedding dress, food, decorations, honeymoon, or any other thing to make your wedding memorable.

2.    Personal Loan for Home Renovation

If you are planning for a home renovation, you may fund your project with a personal loan. Whether you are looking forward to a bathroom renovation, kitchen remodeling, house repainting, roof replacement, or any other expensive home expansion or improvement, you can make your dream for a lavish home come true with a personal loan. You may buy the required materials, pay for the labor, or get it designed professionally using your personal loan amount.

3.    Personal Loan for Travel

Looking forward to a lengthy vacation at your dream destination abroad? Fund it with a personal loan for travel and cover any of your travel-related expenses, including flight booking, accommodation, sightseeing, car hire, shopping, adventure, and others.

Just choose your favorite holiday destination and leave the financial part to your personal loan. Once you come back from your vacation, you don’t need to repay the borrowed amount immediately. You have 12 to 48 months to repay the loan amount in easy EMIs.

4.    Personal Loan for Education

Getting the education that you deserve is crucial for your career and success. Don’t let an opportunity go due to lack of funds. Pursue a higher education course in the institute of your choice using funds from a personal loan for education.

Whether you are a housewife, entrepreneur, student, or a working professional, achieve your higher education goals with a personal loan. You may use the loan amount to cover not only the education fees, but also for books, accommodation, travel, food, and other education-related expenses.

5.    Personal Loan for Medical Emergency

A medical emergency is an unfortunate event that many people are not prepared for. If you meet an accident, get injured, or get diagnosed with a serious medical condition, you can take a personal loan for medical emergency and cover the related expenses. You can use the loan amount to cover the cost of diagnosis, treatment, therapy, medicines, and rehabilitation. Unlike medical insurance, a personal loan can also be used to cover the cost of elective procedures, such as cosmetic surgery or dental procedure.

6.    Personal Loan for Debt Consolidation

Debt consolidation is one of the wisest steps highly indebted people can take. With this step, you consolidate all your debts into one personal loan so that managing their EMI payment becomes easier. If you choose a personal loan with a lower interest rate than your existing loans, you can even save some money on your total interest outgo. Take a personal loan for debt consolidation and get rid of your loans easily and quickly. Timely payments can even help in improving your credit score.

All the above-mentioned personal loans are available for those who have a credit score of at least 725 or higher. If it is less than 725, use the following tips to improve it first and then apply for a personal loan:

    • Clear all your pending credit card bills and loan EMI payments
    • Check your credit report and get any errors fixed
    • Increase your credit limit and use minimum of it
    • Change your loan term to make EMI payment easier
    • Diversify your credit profile
    • Do not apply for a loan to several lenders at a time

Apart from credit score, lenders consider several other factors before approving your loan application, including your age, income, employment, and experience.

Looking forward to applying for any of the above personal loans? Apply from Clix Capital here. We offer all these personal loans for up to ₹ 25 lakhs, along with easy application, fast approval, and flexible repayment facility. Once approved, you have 12 to 48 months to repay it in easy EMIs.

For any queries, find us on Facebook, Instagram, LinkedIn, Twitter, or WhatsApp

You can also reach out to us at hello@clix.capital or call us at 1800 200 9898

* T&C Apply

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