From Health to Travel: One Loan for All Purposes

Updated on: 22 Jan 2024 // 4 min read // Personal Loans
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The modern-day world is filled with umpteen choices for everything imaginable. Right from items of daily needs to high-end gadgets, from residential and commercial properties, from the vital telecom services to the much-desired educational facilities, the list is endless. For you to remain relevant at this time, it is crucial that you procure a vast majority of such products and enjoy the services. However, more often than not, such purchases can burn a hole in your pocket, leaving you unprepared for various voluntary expenses such as the higher education of your children, their marriage, and leisure trips with friends and family. In fact, there may be instances when you are unable to meet some mandatory financial obligations such as urgent medical expenses or debt consolidation.

So, what do you do in such a situation? How do you meet your obligations without liquidating your assets? Well, an efficient way to accomplish one or more of your financial goals is to Apply for a Personal Loan!

A Personal Loan is an unsecured form of credit which can be acquired from banks and online lenders. Offered on the credibility of the borrower, along with their capacity to repay the amount, this type of loan is not accompanied by any clause which mandates you to use it for any specific purpose. Hence, you can use the funds procured from this loan for repayment of debts, celebrating a festival, meeting the expenses of a marriage, taking a vacation, buying electronics, home renovation, meeting unexpected medical expenses or any other purpose you may deem fit.

The amount that can be procured through this loan varies from a minimum of 50,000 to a maximum of 50 Lakhs. In most cases, the tenure of repayment ranges from 1 year to a maximum of 5 years. Typically, this loan doesn’t require any collateral.

Two of the most common reasons for which people avail HDFC Personal Loan or other Personal Loans are- to meet the expenses pertaining medical emergencies, and accomplishing travel goals. The reason for this is rather simple – the numerous benefits attached! Here are a few aspects that make Personal Loans for travelling a preferred choice for many.

  • The application for travel loan requires minimal documentation. Moreover, it is a hassle-free process.
  • Most banks and online lenders ensure quick approval of travel loans. In fact, you can quickly expect the loan disbursal in as little as one day.
  • This loan is accompanied by exceedingly flexible repayment options, with Equated Monthly Instalments or EMIs starting from a meagre 2,000 per lakh. If you wish, you can even opt for weekly or fortnightly instalments.
  • The tenure of repayment is also flexible and allows you to divide the EMI, anywhere between 12 to 60 months.
  • There are numerous repayment options such as via cash, cheque, online transfer and others.
  • A travel loan is unsecured and doesn’t require any asset as collateral or even a guarantor.
  • If needed, you can opt for part-payment or pre-closure of the loan, after 12 months.

When it comes to medical expenses, funds from personal costs can be availed for all emergencies and other medical issues that are generally not covered by medical insurance policies. Some of the benefits related to the same are:

  • Individuals having a good credit history can avail Personal Loan for medical expenses without having to offer any asset as collateral. Such flexibility in availing a loan during an emergency situation is a strong reason to opt for Personal Loans.
  • The hassle-free application procedure for a Personal Loan involves a simple online application process and does not require the individual to visit the office in person.
  • Loan disbursement of a completed application takes in as little as 1-3 days.
  • The person availing the loan can choose the loan repayment tenure. Selecting the desired tenure is an important decision that is placed in the hands of the customer based on his/her repayment ability.
  • No restrictions are placed on the kind of treatments or therapies funded using a Personal Loan. In some cases, the loan amount can be used to cover the entire treatment.

Personal Loans Offer the much-needed flexibility of use as well as convenient repayment terms which make them a highly sought-after credit alternative. Hence, if you are in urgent need of funds to accomplish one or more financial goals, wait no more, before you start your hunt for a trustworthy lender, and apply for a Personal Loan right away!

Also Read: 4 Best Travel Loans in India for Those Who Have Been Bitten by the Travel Bug