As one of the most popular loan products in the market, personal loans are known for their wide use. In today’s world where funding is needed immediately, personal loans can help you manage your purchases, large and small, and achieve your goals quickly.

Read on to learn how a personal loan can help you with all of your purchases, large and small, and meet your financing needs.

What is a personal loan?

A personal loan is an unsecured loan that can be taken out by individuals with a registered bank or non-bank financial company (NBFC). The loan amount is finalized taking into account several factors such as current income, proof of employment, loan history and repayment ability.

ONE private loan can be used for any personal financial need. For example, a personal loan can be used to finance wedding expenses, education expenses, the purchase of new home appliances, or medical expenses. Personal loans can also come in handy when it comes to covering expenses related to car repairs, consumer financing needs, or home renovation.

Benefits of a personal loan

There are several advantages of taking out a personal loan, some of which are listed below:

Collateral Free Loan: You do not need any collateral to take out a personal loan. It is an unsecured loan that will be extended based on the consumer’s income, repayment ability and credit history.

Multiple uses: A personal loan can be used for various purposes. It can be used to fund your small and large purchases while offering a variety of end uses depending on your funding needs.

Debt Consolidation: A personal loan can be used for debt consolidation and credit card payments that may end up paying you higher interest rates. Monitoring multiple loan payments is also a tedious task that can be simplified by taking out a debt consolidation personal loan.

Fast approval process: Compared to other loan categories, a personal loan is approved faster. A quick approval will help fund your funding needs when you need them most.

High loan amounts: Personal loan amounts can be up to Rs. 30 lakh with a flexible term that makes repayment easy for the consumer. With a higher personal loan amount, you can easily meet your small and large needs.

How to manage your financing needs with the personal loan

In times when things have to go fast, personal loans are the first choice to meet your financing needs. Here’s how you can use Personal Loans to manage your purchases, large and small:

Low interest rate: The interest rates on a personal loan are lower than on a credit card. Therefore, it makes sense to opt for a personal loan when making purchases rather than swiping your credit card.

Repayment: A personal loan is repaid via monthly EMIs over the repayment cycle. This helps in better management of finances.

Multipurpose financing: You can use personal loans for multiple purposes as there are no end-use restrictions.

Emergency: A personal loan is very useful in an emergency. You can meet your financial needs as no collateral is required and the approval process is quick and easy.

Lifestyle: The cost of gadgets and household appliances is rising steadily. A personal loan comes in handy when you want to own a home appliance or gadget for your family.

Poonawalla Fincorp offers personal loans of up to Rs. 30 lakh with no foreclosure / prepayment fees. With Personal Loan Interest Rates Starting at 9.99% per year, you can easily take out a Poonawalla Fincorp personal loan. Get quick approvals with minimal documentation with this loan and pay your installments over a flexible term.