Uses of personal loans

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Why are personal loans called unsecured loans?

• Personal loans are the loans that are taken by
  the borrower from a bank or non-banking financial
  company (NBFC) to meet their personal financial
  needs.
• These are called unsecured type of loans because
  the borrower is not required to put any
  collateral or surety with the lender. The loan
  amount is sanctioned based on income level,
  credit history, employment status, etc.

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• What can a personal loan be used for?

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Make a large purchase

• Make a large purchase Personal loans can be used
  for making large purchases like buying off a
  washing machine, television, air conditioner,
  etc. These expenses end up costing you more than
  your savings.

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Consolidate debt

• If the borrower has multiple loans that have to
  be paid, then one personal loan can be used for
  debt consolidation. All the outstanding balances
  can be cleared off at once.

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Pay off credit cards

• Personal loans having low-interest rates will
  give an advantage of paying off the credit card
  bills easily.

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Emergency bills

• Many people take personal loans for emergency
  needs. When in an emergency, insurance doesnt
  cover everything. So, taking up a personal loan
  will help in clearing medical bills.

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Home Remodeling

• After a few years of construction, every house
  needs to be improved. Whether it is repairing of
  the roof, planning for borewell, installing solar
  panels, etc., personal loans will help in fixing
  the house.

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