What Are The Unconventional Personal Loans Offered By Lenders?

A personal loan comes to your aid in varied circumstances. You can utilise them for financing personal and medical emergencies. Every bank and NBFC offers such loans. Typically, the amount granted is about INR 25 lakh, and you can repay them in flexible tenure which goes up to five years. The best part about them is you need not provide the reason for application if you show credibility to repay them and decent credit score.

There are many unconventional reasons to apply for personal loan. The prominent ones are –

• Funding a holiday 

You can avail of the personal loan for funding your travel. Whether you seek to holiday within India or go on an international tour, fulfil your travel goals by applying for the loan. Remember, create an estimate and itinerary for reference as well as understanding the exact amount needed for the trip. 

• Celebrate festivals 

We Indians love celebrating festivals. Personal loan understand these aspects and offer special festive loans which help you celebrate them with pomp and joy. You get festive loans from the lenders and can use them for buying clothes, gifts, jewellery, and everything else you need for enjoying the season with enthusiasm. 

• Purchase furniture 

If you seek to revamp your home and buy a bed, dressing table, dining table, or any other furniture, you can get them with the help of an instant personal loan. Buy all these products under a single loan and repay them in easy, monthly instalments. 

• Wedding/ Honeymoon trip 

Weddings include many expenses. If you seek to throw a dream party without making any compromise, you can take help with a personal loan. The amount helps pay for the wedding trousseau, jewellery, caterers, decorators, photographers, and so forth. Also, utilise the loan for paying the honeymoon trip, be it domestic or international. 

• Funding for company 

If you seek to start or expand a business, there are additional funds needed. An instant personal loan serves as your first investor for fulfilling these goals, and you need not pay any equity to the investor. Similarly, you can avail of the credit if you have an existing business and keep the funds running.

Personal loans are unsecured, i.e. you need not offer any collateral against the amount borrowed. An appropriate personal loan lender sanctions and disburses the amount within hours of application, provided you submit the documents and fulfil the requirements. If you have any of these priorities, you can apply for the credit through the lender’s portal.