7 Reasons why you need a personal Loan

Some years ago, taking a personal loan used to be the last option. It was a matter of stress and burden as loan features were not flexible as they are now. The personal loan scenario changed drastically since online loan applications were accepted as being hassle-free. Moreover, the struggles of the lockdown and pandemic have taught everyone the significance of doing things online. Out of which, one of the online activities that people have taken up recently is applying for a personal loan online. The financial shortage and emergency expenses have forced borrowers to learn instant loan apps and avail of money in 24 hours.

Personal loans are short-term loans, so no collateral is required for approval. Borrowers have different life goals and purposes to fulfil for which personal loan apps are in high demand. Let’s see some major reasons why a personal loan is required:
 

1. Medical Emergency: A medical loan is an emergency loan that is required to support health finances involving expensive medications, therapies and surgery, if required. You can’t waste time collecting funds when medical treatment is required urgently. Hence, opt for a medical loan on priority when it is about saving a life.
2. Educational Needs: Parents opting for a personal loan to fulfil their child’s educational needs whether it is basic education or higher education abroad. All financial needs supporting education, travel and accommodation can be taken care of through personal loans.
3. Rental Payments: When you have a pile of rent to pay for your existing home or a shop, it is a debt that will go on increasing every month if not cleared on time. Hence, the personal loan is a good option to pay off the rentals.
4. Small Cash Loans: In a populated country like India, there are uncountable mid-size business men who have a requirement of small cash loans to set up a start-up business or support the current one. Borrowers can use small cash loans for replenishing the stock, fix urgent repairs or clear a small debt.
5. Travel Loan: When there is a lack of savings to take a break for a refreshing holiday, opt for a travel loan that finances vacations in India or abroad. Create a clear travel budget to get an estimate of the required loan amount. Research about the trending destinations and combined holiday packages taking around multiple places in a good budget.
6. Wedding Loan: Manage all or some part of extravagant wedding expenses through marriage loans. When the clock is ticking and your special day is about to arrive, apply for a wedding loan timely to make the desired arrangements.
7. Debt consolidation Loan: When you are surrounded by multiple debts, a debt consolidation loan can combine all debts into one and ease off your burden. Instead of piling up the payments and increasing the liability, applying for a personal loan to manage the debts is a wise plan.

Personal loans will be easily available if your credit history is at par with the CIBIL standards. In a tight financial situation, a personal loan is like a breather that gives a ray of hope to accomplish life goals and emergencies.

HeroFinCorp is a fast pace instant loan app, which is just the right source to acquire an emergency loans from Rs.50,000 to Rs.1,50,000 Lakh. It is a secured digital platform for instant personal loans launched by HeroFinCorp, a trusted financial company in India.

FAQS

What is a personal loan and how can it be beneficial?

A personal loan is a short-term, collateral-free loan that can be used for various personal needs, including medical emergencies, education, rental payments, small business needs, travel, weddings, and debt consolidation.

Can I get a personal loan without providing any collateral?
Yes, personal loans are typically unsecured, meaning no collateral is required for approval. This makes them accessible to a broader range of borrowers.
How quickly can I get a personal loan approved and disbursed?
With instant loan apps like HeroFinCorp, personal loans can be approved and disbursed within 24 hours, providing quick financial assistance in emergencies.
What is a personal loan of Rs. 1,50,000?
A personal loan of Rs. 1,50,000 is an unsecured loan that you can borrow from a bank or financial institution to meet various personal expenses such as medical emergencies, home renovations, wedding expenses, or any other financial needs.