We have all looked longingly at our dream watch, car, or expensive piece of jewelry for hours only to have it sit on our wishlists. Not to mention all the adventures on our travel bucket list!
Despite the fact that we want all these things, their cost appears to be a burden we are unwilling to shoulder. Growing up, we were taught to dream as high as we could financially afford.
Let me remind you that this isn’t true. Having high aspirations and accomplishing them is possible for everyone.
Perhaps you are wondering how? A personal loan can answer that question.
What is a personal loan?
Personal loans enable you to borrow money to pay for personal expenses and pay them back over time. A personal loan enables you to obtain a lump sum by paying in installments over time. It is an unsecured loan.
These days, lenders offer such loans at affordable personal loan interest rates. Furthermore, the personal loan eligibility criteria are minimal so that more borrowers can access the personal loan market. By using the personal loan EMI calculator provided by lenders, you can also estimate your installment.
Why choose a personal loan?
1. Unsecured loan:
Personal loans are unsecured in nature. One, therefore, does not need to provide security as collateral to obtain the funds. You won’t need to risk your existing assets to fulfill your dreams, an added advantage.
2. No restriction on use:
Unlike other loans, personal loans are not restricted to a particular use. The nature of personal loans is open. Consequently, the funds obtained can be applied towards any expenses, whether for your car, your next vacation, or an emergency.
3. Easy to meet personal loan eligibility criteria:
To accommodate the needs of more borrowers these days, lenders have set low personal loan eligibility criteria. It is also possible to obtain funds without any credit history or CIBIL score, subject to specific changes in terms. Therefore, you do not need to match high standards to obtain funds to make your dreams turn true.
4. Affordable personal loan interest rates:
Those days when loans had exorbitant interest rates are long gone. The personal loan interest rates in the market today are pretty affordable. Lenders offer competitive rates to capture more customers. As a result, you will not need to pay too much to make your dreams come true.
5. Flexible repayment options:
You can repay personal loans with the help of EMI’s with tenure ranging up to 6 years. You can easily calculate your EMI payments using the personal loan EMI calculator available on the lender’s website. Additionally, lenders offer prepayment options if you wish to pay off your debt earlier.
6. Quick approvals:
Personal loans can now be available at your convenience online. In addition, the disbursal process has been sped up, enabling the loan to be approved in hours. You have to fill in the application form and submit the documents online. The lender’s backend team will work on the same, and within no time, your loan will be approved. A personal loan allows you to accomplish your dreams more rapidly.
This clearly demonstrates that personal loans are a versatile and affordable financing option. This will enable you to accomplish your dreams and goals quickly and easily without saving up the funds for a long time.