09 MARCH, 2022

Life is too short, and you never know what will happen next. The pandemic has further taught that every moment is special. So why stop yourself from doing things that make you happy and satisfy your soul? Want to see the Maldives? Book your tickets now. Want to buy a car? Go for a test drive. Loved the dress on the mannequin? Purchase it now. Why wait for the right time to enjoy life? Do not let a lack of money crush your dreams. A personal loan can manage all your money issues and fund your big and small expenses without putting a strain on your pocket. Confused? Read on.


What is a personal loan?

A personal loan is an unsecured loan offered by banks and financial institutions. You do not require any security to avail it. Lenders consider your credit score, income and age before processing your loan application.


Why should a personal loan be your first choice for all purchases?


  • Collateral free loan

It could be challenging to arrange collateral when you do not have assets. A personal loan is hence the best choice. Since it is an unsecured loan, you need not furnish any collateral while applying for it. The lender would scrutinize your income, age, credit score and work experience to approve the loan.


  • No end use

Whether you need to buy the latest phone model or a designer outfit, the personal loan money can be used for anything. It has no end-use, and you get the flexibility of usage. You can use it for your business, personal use, education, or travel. No questions asked. 


  • Quick disbursal and approval

Because a personal loan is approved with minimum documents and without collateral, the disbursal process is quick. You get the approval of a personal loan within a few hours, and you are free to use the amount as you wish. Moreover, the application process is simple, and you need to provide a few basic details. Also, the process is now online so that you can apply for a personal loan from your office or home.


  • High loan amount

If you use a credit card to make purchases, you can switch to personal loans, as it is cheaper and more convenient. Personal loan interest rates will be lower than credit cards. Moreover, you can get a high loan amount for all your small and big purchases while you have credit limits on credit cards.


  • Flexible payments

Once you have availed a personal loan and paid for your purchases, you can relax and pay the amount in small amounts. You need not bear the burden of paying everything at once. With flexible repayment options, you can repay the loan amount in comfortable Equated Monthly Installments (EMI).


Today's fast lifestyle could be challenging for many. Similarly, the cost of living today is high, making everyone struggle for their dreams. A personal loan can help you get the best of the resources available out there. However, before you avail one, ensure to check your eligibility and affordability.

An Ultimate Reason Why Personal Loan is a Best Choice For Your Big to Small Purchases

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.