Where can a personal loan be used?

  1. Let us see for what all purposes can you avail personal loans:

What is not defined, or you do not intend to explain, is where personal loans come in. Despite many loan instruments made available by the financial industry, it shall never be enough to cover all aspects. It is unfair to think of it too. Home loans, car loans, education loans, business loans, and now shopping loans. Beyond that, there are personal loans for what all is left.

Let us see for what all purposes can you avail personal loans:

  1. As an extension to Education Loan — an Education loan mainly covers just the fees (barring a few banks/ courses /institutes). When one goes out of home for education, there are a lot of other out-of-hand expenses that cannot be loaned. Personal loans can help you cover them.
  2. As an education loan — Barring top known courses, not all are covered under the schemes. There is a rise in vocational education or unorthodox one, which the established banks may not be comfortable lending. The no questions asked about personal loans can help you finance that.
  3. For your vacation gateway — Not all vacation plan comes with savings in hand. You can do away with cancelling the programs by taking instant travel loans online from PHOCKET.
  4. A medical emergency — The specified problem with a medical emergency, apart from being a problem itself, is that they do not wait for a day. Today the medical bills have skyrocketed, and there is no credit that the hospitals, laboratories, doctors, or pharmacy gives. The same-day problem can be solved by getting an instant loan online.
  5. As a shopping loan — Although specified credits are available in low or no-cost EMI or credit cards, Shopping Loan are still a new concept. They are more so unfeasible when the shopping is instant or impulse. Let’s say a sale deal or a limited period offer. Get an instant personal loan and use that as your shopping loan.
  6. Home decor –Even though Home loans are available at a lower interest these days but a heft amount is needed to get the interiors done. Banks generally do not cover that. You can use personal loans to decorate your house as you wish.

There are many other needs, much more beyond what we have mentioned. The fintech revolution has come this far that sometimes booking a cab and applying for a personal loan online with PHOCKET (Mobile App available on Play Store — https://play.google.com/store/apps/details?id=com.phocket) takes the same time. The process is hassle-free and much less cumbersome.

Tell us in the comments more ways in which one can use personal loans?