Number of ways to use a personal loan

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Number of ways to use a personal loan
Presents
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What is a personal loan?

• A personal loan is a short to medium term
  unsecured loan lent by a bank or a non-banking
  financial company (NBFC) to customers to meet
  their unexpected personal needs or for debt
  consolidation.
• The loan seekers are not asked to pledge any
  asset as collateral.
• These loans are issued on the basis of key
  criteria such as income level, credit history,
  repayment capacity, etc.
• Each individuals credit history and financial
  status will affect the interest rates of a
  personal loan offered.

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Usage of Personal loans

• Buying a house,
• Buying a vehicle,
• Home renovations, repairs and improvements,
• Miscellaneous Bills,
• Medical expenses,
• Wedding expenses,
• Vacations,
• Starting a Business,
• Childrens Higher Education

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Debt Consolidation

• Managing different amounts of debt with multiple
  creditors is a difficult task.
• Each debt will have its own deadline, interest
  rate and mode of payment. As a result of this,
  you might miss payments and end up paying more
  interest over time due to higher interest rates.
• A personal loan will simplify bill payment by
  combining multiple debts usually resulting due
  to credit cards - into a single, larger piece of
  debt.
• Moreover, interest rates applicable to credit
  cards (2.5 to 3 per month) are much higher than
  that on a personal loan (12-15 per annum).
  Hence, it will be a wiser choice to pay off all
  your credit card debts by getting a personal
  loan.
• You can also choose to make multiple monthly
  payments to various creditors by using a personal
  loan.
• Debt consolidation reduces costs by lowering the
  interest rate on debt and reducing the monthly
  payment.

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Unplanned Expenses

• Financial crisis can hit anyone no matter what
  his/her financial status is. In such a case, a
  personal loan can be a great help. Hence, it will
  be a prudent decision to get a personal loan for
  these unplanned expenses rather than dipping into
  your savings.
• By taking a personal loan to cover such expenses,
  you can build your credit score and protect your
  financial egg.

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Miscellaneous Bills

• Due to unemployment, underemployment and
  unreliable employment, you can end up paying your
  rent and other bills late. However, everyone
  wants to get rid of the dues on time.
• A personal loan can regulate your cash flow and
  can use it for almost everything, including
  paying the bills, school fees, rent, etc.

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Home repairs and improvements

• If your home needs remolding, repairs or
  improvements, and you have not budgeted for the
  same, or a project costs more than you
  anticipated, a personal loan can cover such
  unbudgeted expenses. A personal loan is a helpful
  financial tool if you feel the pinch.

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Wedding Expenses

• The weddings are becoming an increasingly
  expensive affair, and the pressure for parents to
  hold a glamorous wedding is building up
  continuously.
• But, sometimes the wedding cost exceeds the
  budget, which is why people should consider
  taking a wedding loan to make your/ your childs
  marriage unforgettable.

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Medical Expenses

• Life is unpredictable
• Medical emergencies can happen to anyone.
• A personal loan for medical expenses will help
  you deal with an unexpected blow.
• This kind of loan covers all expenses such as
  doctors fees, medical bills, hospital stay, etc.

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Vacations

• If you are smitten by wanderlust, but cant
  afford your exotic vacation, a personal loan can
  fit the bill.
• A personal loan is a great way to meet your short
  term financial requirements, in this case, your
  holiday.
• With lesser interest rates than credit cards, a
  personal loan is a much wiser way to fund your
  holiday.

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Buying a car

• If you need a car and cant get other financings
  like a car loan.
• Personal loan can help supply the funds you need
  for your new car.
• Usually, lax restrictions will allow you to use
  personal loans the way you want to use it,
  including getting a new vehicle or refinancing
  your current loan.

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Big-ticket purchase

• Major purchases like
• computers,
• latest electronic gadgets,
• home appliances like refrigerators, chimney and
  microwave oven etc.
• Many more for which you did not allocate the
  budget in advance.
• A personal loan is helpful financial tool.

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Starting a Business

• If you dont have a current account or business
  credit card, personal loan with low-interest rate
  can provide you the capital you need to set up a
  business.
• Once your business thrives, youll be able to pay
  off the loan instantly.

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Why to choose Afinoz?

• Afinoz is India's foremost online financial
  marketplace for availing loans and investments.
• Our main objective is to make the process of
  getting a loan or making an investment safer,
  convenient and hassle-free for individuals.
• We work with public and private banks, NBFCs and
  mutual fund houses across the entire country and
  offer an unbiased quotation on financial
  products.
• We provide solutions which are quick, reliable,
  transparent, confidential and above all free.
• You can contact our team to get more information
  or apply for a loan or investment by calling
  on 0120-411-0376 or by emailing
  at info_at_afinoz.com.
• For more information about personal loan, you can
  go over to personal loan page on Afinoz.

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