Certain loans can only be used for specific end purposes, e.g., vehicle loans, home loans, mobile loans, etc. However, the same is not true for personal loans. A personal loan can be used for home refurbishments, family vacations, purchase of consumer goods, and a lot more. The no-collateral feature is just the icing on the cake.
Let’s look at 5 good reasons to avail personal loans:
Debt Consolidation: Keeping track of multiple debts and paying them on time could be a tedious task. So, taking a personal loan to consolidate all your existing debts is a good idea, as it saves time and money. Since you are replacing high-interest debts with low-interest loans you can cut down on the interest paid in the long run. At StashFin, you can avail personal loans at reasonable interest rates starting from 11.99%.
Home Renovation: Home loans require collateral. Although a credit card may be a good option for completing home repairs, it could exceed your credit limit. Hence, a personal loan can be a good fit at times like this. StashFin offers personal loans ranging from Rs. 1,000 to Rs. 5,00,000.
Medical Emergency: Although you have the best health insurance coverage, you still may need excess funds during unforeseen medical emergencies. A personal loan can help meet these expenses in a short time. StashFin provides personal loans with minimum documentation and funds can be used within 4 hours from the time of application.
Improve Credit Score: A good credit score helps you get lower interest rates and better terms for your loan. StashFin offers personal loans with flexible repayment tenures ranging from 3 to 36 months. A personal loan repaid on time helps you build and improve your credit score. This is a great way to improve your credit score.
Vacation Costs: it’s finally the right time to take that holiday you’ve always been thinking of, but holidays aren’t cheap. Also, it’s not advisable to spend all your hard-earned savings on travel costs. Instead, opt for a personal loan. StashFin offers personal loans wherein interest rates are charged only on the amount used and not on the entire credit line.