A Personal Loan is the most versatile product. It can be used to meet any financial obligations, whether planned or unplanned. Unsecured Loans are sanctioned based on income, credit score, and repayment capability, among other factors. They are one of the most easily available Loans that require less documentation.
However, when to apply for a Rs. 20 lakh Loan always confuses borrowers. Here are some situations wherein you can consider applying for this Loan:
- Medical emergencies
Medical emergencies can come up at any time, and there are times when your Insurance and savings are insufficient to cover medical expenses, like room rent beyond a certain limit, medical travel, certain procedures, and ancillary expenses. Such expenses can be significant. A Personal Loan will help you meet them and not strain your finances.
- Consumer durables
Gadgets, computers, and electronic appliances have made our lives easier and more efficient. But we need to replace the devices with the latest models to keep our homes perfect and comfortable for our loved ones. For example, buying a new refrigerator that is big enough for one’s family or buying the latest laptop for one’s business. Such purchases are not cheap and can drain our savings. A Personal Loan of Rs. 20 lakh will allow you to purchase appliances and gadgets easily and quickly.
- Wedding expenses
In the last few years, wedding-related expenses have increased significantly. For instance, a simple engagement ceremony can easily cost several months of your salary. A Personal Loan can help you meet all your wedding costs and repay them with easy instalments. Using the Personal Loan EMI calculator, you can calculate EMI according to your repayment capability. This way, you can save your savings or emergency funds and plan your finances better.
- Debt consolidation
If you have multiple Loan accounts or Credit Cards due, you can consider applying for a Rs. 20 lakh Loan to clear all your outstanding balances with one monthly payment. It is a smart strategy rather than managing multiple Loan accounts, which requires greater effort to service. This will help you easily manage your repayments, and you can save on the overall interest payable.
- Home Improvement
Your home needs occasional maintenance, such as repairing minor cracks, upgrading electrical lines and plumbing systems, painting interior and exterior walls, etc. Still, such expenses can easily dent your savings if not planned. A Personal Loan can help you meet the costs and does not require collateral. Taking a Personal Loan for Home Renovation is the best option if you plan to remodel your small to mid-sized home.
Conclusion
A Personal Loan can help you meet the costs related to different events if they are legal and conform to the laws of the land. You can avail yourself of a Rs. 20 lakh Loan EMI for up to five years. It is unsecured, requires no collateral, and offers competitive interest rates for eligible applicants.
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