Unexpected emergencies can happen anytime to anyone. Sudden expenses like home repairs, tuition fees, medical emergencies, etc. that spring out of the blue can pile on your existing expenses and start exhausting your savings. There is a popular and wise way to offset paying out of your savings account to cover surprise costs.
Why take out a personal loan?
You cannot predict when you will get an unexpected bill or an increase in your children’s school fees, or even get a pay cut! But you can always curb the shock by buying a cushion against dipping into your savings. If you don’t have an emergency fund, availing of a personal loan can be a good option to pay up for expenses you were not expecting. You can apply personal loan online and check EMI and flexible tenure as per your choosing and affordability.
Manage expenses with a personal loan
Apply for a personal loan in urgent and unavoidable financial situations because these are collateral free. They are quick and instant and don’t need a tedious application process.
Emergency expenses: You may suddenly have to arrange funds for international travel, or you may have to arrange urgent funds for a medical procedure not covered by your health insurance. The fact is that unexpected situations can catch you off-guard. A personal loan can help you tide over such unexpected expenses.
Get funds at a flexible tenure: As per your eligibility, you can avail of instant funds up to INR 50L. This maximum amount varies from bank to bank. For instance, with IndusInd Bank, you have the flexibility to repay the amount in a maximum tenure of 72 months. Do note that personal loans have negligible spending restrictions which allow for adjusting the use of personal loans for all big and small expenses. Before you apply for a personal loan, you can use a personal loan EMI calculator to ascertain your EMI which can help you plan your budget.
- Urgent medical expenses: Recent coronavirus pandemic saw a lot of people max out their medical coverage. With a new disease, its management also began with a trial and error method with thousands seeing extended hospital stays. With uncertainty about the job situation, and to top it, a medical emergency can throw anyone off the edge. Luckily, with a personal loan, you can cover additional medical expenses to just take care of your loved ones without feeling any stress. Since personal loans can be disbursed quickly into your bank accounts upon V-KYC, you can use the sum to manage not just medical expenses, but multiple other expenses.
- Education: Don’t let lack of funds get in the way of getting a Master’s in Literature in the UK! We know it can be an expensive affair, but you won’t get such chances again. So, worry about passing the grade and not securing the funds for your studies. While a student loan can help with the tuition fee, you will still need to pay for accommodation, day-to-day expenses, etc. You can cover these costs when you apply for a personal loan online. Look for a bank that provides personal loans at low-interest rates. For instance, IndusInd Bank provides personal loans at one of the lowest interest rates. Furthermore, the eligibility criteria aren’t as stringent for a personal loan as it is for a home loan and such. So, just focus on getting the degree and live your dream!
There can be other expenses such as a home renovation or family trips, or even seeding money for a new business. With personal loans, you shouldn’t let a lack of funds get in the way of you fulfilling your dreams.