Clix > General > What is the Purpose of a Personal Loan? Top Common Reasons Why People Choose to Avail it

What is the Purpose of a Personal Loan? Top Common Reasons Why People Choose to Avail it

Clix July 30, 2021

 

Personal loans are great financial tools that you can avail when you need funds to cover your sudden or planned expenses. These are unsecured loans that you can get without pledging any collateral, security, or guarantor. Without any end-use restrictions, you can avail them with an instant loan approval facility offered by most lenders and NBFCs these days.

Are you falling short of funds to cover your necessary expenses? Apply for a personal loan now intended for your purpose and have your ends meet without putting any asset at stake. Let us find out what is the purpose of personal loans and what are the common reasons why people choose to avail them.

What Can You Use a Personal Loan for?

Personal loans are easy-to-avail sources of finance that you can apply online and get your instant loan approval within 15 minutes* at many lenders, including Clix Capital. Although there are no end-use restrictions, you can find them intended for specific uses and purposes. At Clix Capital, you can find a personal loan intended for any of the following purposes:

    • Medical Emergency: Get a personal loan for a medical emergency to cover expenses related to your medical treatment, diagnosis, rehabilitation, medicines, and anything else. Unlike medical insurance plans, you can also use this loan amount to fund a cosmetic surgery, dental procedure, infertility treatment, or baby delivery.
    • Wedding: You may take a personal loan for wedding to cover a varied range of wedding-related expenses, including venue, decorations, wedding dress, catering, jewellery, photography, honeymoon, and others.
    • Education: Whether you want to get higher education in a domestic or an international university, a personal loan for education can fund your education in the institute of your choice.
    • Travel: Looking forward to flying to your dream destination and have a grand vacation? Take a personal loan for travel and fund your travel-related expenses to make your travel dreams come true.
    • Home Renovation: Planning for a home renovation, expansion, or improvement? Looking forward to adding a room, expand your balcony, or renovate the kitchen or bathroom? Fund your project with a personal loan for home renovation and make your home quality better.
    • Debt Consolidation: Borrowers with multiple loans or loans with high-interest rates can consolidate their debts using a personal loan for debt consolidation and make the repayment more effortless and more manageable.

Who Can Apply for a Personal Loan?

If you intend to apply for any of the above mentioned personal loans, you have to fulfil the following eligibility conditions to apply for one from Clix Capital:

    • 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

Apart from these, you must have a credit score of 725 or above to get a personal loan from Clix Capital.

What Documents do You Need to Provide for Personal Loans?

Loans are infamous for their extensive documentation requirements, for which borrowers have to visit the lender several times before getting their loan approval. However, NBFCs like Clix Capital have minimal documentation requirements, due to which you may get your instant loan approval within 15 minutes*.

For an online loan application from Clix Capital, you need to get the following basic documents verified online:

    • Duly filled online application form
    • Recent passport size photograph
    • Identity proof like Aadhaar Card or PAN Card, or government ID for government employees
    • Address proof like Aadhaar Card, Voter ID, passport, driving license, etc.
    • Income proof, including your last month’s payslip or current year’s Form 16

You don’t need to submit or upload them anywhere. If your KYC is linked with Aadhaar and PAN, you can get them verified online by giving a few basic details.

How to Apply for a Personal Loan?

The online loan application process is straightforward and fast that can be completed with just a few steps:

    • 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

So, if you are looking forward to raising funds for your personal needs, apply for a personal loan now from Clix Capital and get the required money within a matter of minutes. We offer personal loans of up to ₹25 lakhs for varied purposes, along with customised repayment terms of 12 to 48 months. Take advantage of our easy application and fast approval process to avail your personal loan and use it for your intended purpose.

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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