Personal loans are unsecured loans noted for their flexibility and versatility. You can apply for personal loans online and use them to cover varied expenses, including planned and unplanned situations. While personal loans can help you cover those expenses and achieve your financial goals, you must know that availing them has become much easier and faster than ever without any end-use restrictions.
Are you confused about when you can use a personal loan? This guide will help you understand the top 6 situations you can use a personal loan for.
How Does a Personal Loan Work?
Personal loans are collateral-free loans that many NBFCs offer these . Along with the eligibility criteria and documentation requirements set by the lender, your chances of approval also largely on your credit score. You get a score based on your operative accounts, the amount owed, repayment history, debt-to-income ratio, credit utilisation ratio, and duration of credit history. One of the most attractive features of personal loans is their flexible repayment options that you can choose as per your budget and repayment capacity.
Possible Uses of a Personal Loan
Personal loans can be used for a variety of expenses, including the following:
1. To Pay for the Medical Bills
Personal loans online can come to your rescue when you need urgent money during a medical emergency. Since medical bills can be pretty high at times, you would not want to drain your savings on them. You can get a personal loan of up to ₹25 lakhs from Clix Capital with just a simple loan click, get the best possible treatment, and pay the cost in easy EMIs spread across 12 to 48 months of the loan period.
2. To Get Higher Education
A personal loan for higher education also allows you to pay for education in the institution of your choice. With competitive interest rates and flexible repayment terms, you can use the available loan amount to get the opportunity you deserve for education in any domestic or international institute. You can use the loan for any education-related purpose, including fees, accommodation, transport, and others.
3. To Fund Your Home Renovation Project
Borrowing money to fund a home renovation, expansion, or improvement project in your house can be a prudent and reasonable decision. Whether you plan to renovate your bathroom or kitchen, add a toilet, or expand the balcony, don’t hold back your desire due to a lack of funds. Take a personal loan for home renovation and pay for your intended project.
4. To Cover Wedding-Related Expenses
Indian weddings can be expensive. Exhausting your savings for the big day does not seem to be a great idea. Just look at the pros of taking a personal loan for wedding and make your dream wedding come true. The interest rates for weddings loans in the personal loan category are competitive, and you get flexible repayment tenure that you can choose as per your repayment capacity.
5. To Travel to Your Dream Destination
Can you fund a fabulous vacation using a personal loan? Yes. Travelling is wonderful, but you should not use your paycheck to fund the trip. You may take a personal loan for travel and pay the expense in easy instalments.
If your current lender is charging you an exorbitantly high rate of interest or if you are finding it difficult to manage several loans at a time, you can consolidate them into one with a personal loan and let the lower interest rate work for your advantage. However, be sure to stay consistent with your EMI payments to garb the intended benefit.
How to Apply for a Personal Loan?
If you have made up your mind to use a personal loan from Clix Capital for any of these purposes, you first need to fulfil the following eligibility conditions:
- You must be between 25 and 58 years of age
- You must have a monthly income of at least ₹ 25,000
- You must be working with your current employer for at least 6 months
- You must have work experience in the current field for a minimum of 12 months
If you are eligible for a personal loan from Clix Capital, follow these steps to apply for one:
- Visit the Clix Capital website
- Check your credit scoreand ensure that it is more than 725
- Fill up the personal loan application form
- Get your documents verified online that takes just a few minutes. However, if your KYC is not updated, you will have to provide some necessary details
- Once you receive your loan approval, accept the loan offer
- Activate the e-mandate for regular EMI payments on time
All in all, personal loans are beneficial for both planned or emergency expenses. If you are looking forward to taking one, apply here at Clix Capital and take advantage of our easy and fast application and approval process within 15 minutes*.
You can also reach out to us at email@example.com or call us at 1800 200 9898
* T&C Apply