Why do you need a Personal Loan?

A personal loan can be used to cover a big expense or financial emergency, or pay off existing debt. This single financial tool can kill multiple birds with one stone. It is also very convenient. You can pick a loan tenure that suits your budget and pay back the loan amount easily. What's more, there are several other advantages of a personal loan.

Let’s discuss some reasons to apply for a personal loan and situations where you can rely on Personal Loan EMI Calculator  tool without worries.

Debt consolidation

If you have too many pending loans or credit card debt, you can combine them all under one personal loan. Personal loans can offer relatively lower interest rates. IDFC FIRST Bank Personal Loan offers interest rates starting from only 10.49%. So, you can use it to consolidate other high-interest debt and save money in the long run.

Payday loan alternative

A payday loan is an extremely short-term loan given for about a month. While payday loans are very convenient, the short tenure often makes repayment difficult. Personal loans can offer relatively longer terms to help you conveniently settle the loan at a comfortable pace.

Home remodelling

If you fancy getting your home renovated or remodelled, you can use a personal loan to cover the cost of repairs.

Moving costs

Moving from one city to another or one locality to another can entail many miscellaneous costs. A personal loan can cover all such expenses, such as transportation, new purchases, painting, etc.

Emergency expenses

A personal loan acts as the perfect emergency fund for your unexpected needs. You can get a personal loan instantly without lengthy paperwork, which makes it ideal for an emergency. You can apply for personal loan by visiting IDFC FIRST Bank Website or from mobile banking app.

Appliance purchase

Gadgets make your life easy but they can be a burden on your budget and come in the way of other essential monthly payments. A personal loan can be used to purchase home appliances, electronics like computers, and a lot more. 

Vehicle financing

If you are falling short of money to purchase a vehicle and need some extra cash, simply avail of a personal loan and drive away in the car or bike of your dreams.

Wedding expenses

Weddings in India can be expensive. The never-ending preparations can lead to hefty bills. You can get a personal loan to fulfil all wedding-related expenses.

Vacation costs

All vacation expenses, including flight/train tickets, hotel bookings, shopping, food, etc., can be covered with a personal loan. You can apply for a loan right before your holiday and make memories for a lifetime without compromising on comfort.

Conclusion

A personal loan is a handy solution to all your financial problems. No matter how big or small your expenses may be, you can cover them all with a personal loan. Getting a loan is very easy these days. Banks like IDFC FIRST Bank have a completely digitalised application process. As long as you have a good credit report, you can get a personal loan instantly and live your life stress-free.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.