5 Uses of Personal Loans

The most easily available loan now days are the Personal Loans. Almost every bank funds extensively for these loans since the loan amount is not so much high and generally vary between 1 to 15 lakhs, and interest rates are higher between 14 to 18%. 

The tenure for which Personal Loan is provided is also short, a maximum of 3-4 years and hence this is the product that is rendered a speedy express approval like in 4-5 days, it is approved. It is said as the unsecured collateral type of loan, since no guarantor is required for taking Personal Loans. 

The several uses of Personal Loans are:

1.  Debt Clear: Most of the people take Personal Loans to instantly pay off any debts instantly. Due to other expenses, sometimes your temporarily debts you are not able to pay off so it is better to take a Personal Loan, and clear your other dues, such as credit card bills. Credit cards have higher interest rates than Personal Loan.
2.  For Education purposes:Sometimes, if you are pursuing a private course, you are not eligible for an Education loan due to many constraints of percentages, college fees and others. So, in such cases, Personal Loans are a rescue for buying costly study material. 
3. Medical Expenses: Treat your loved ones without thinking of expenses. Personal Loan are instantly approved for emergency medical treatments like surgery etc.
4. Purchasing old vehicles: Car Loans or vehicle loans are not financed for buying an old vehicle, so you can have a Personal Loan for this.
5. Holiday Planning: You work hard enough but not get so much to save and plan a holiday trip. So, take a Personal Loan and go for a holiday with your family and enjoy for some time.

Personal Loans are not early planned loans, and can be needed instantly, and therefore provided in express time limits. There are various public and private personal loan providers for this scheme.