Reasons for getting a Personal Loan

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Reasons for getting Personal Loan

You can use your personal loan wherever you want.  Whether it is related to buy a new mobile phone or to renovate your home, the Personal loan is easily available nowadays. You can get a personal loan within a few minutes, though you can apply online for a personal loan. There is no more need to do that complex documentation also. The procedure is quite simple and easy now. You can apply online within 5 minutes. You can also check your eligibility online. And if you are eligible you can apply for a personal loan.  Still, if you are having a problem you can apply on If you are eligible and have all the documents then you will get a loan within two days or maybe in less than that.

There are some common reasons that a person can get a personal loan.

Personal Loan

  • Festive Loan

We all know that India is a country of festivals. People celebrate festivals with a lot of happiness. They organize parties or functions on these occasions. They also exchange gifts among them. In this time they might need money. So they get a personal loan to organize parties or to meet their personal requirements.

Features of Festive Loan

  1. The minimum amount you can get is Rs. 5000.
  2. The maximum amount you can get is Rs. 50000.
  3. Besides that prepayment fees is 3% and the processing fee is 2% for this.
  4. Tenure for this loan is 1 year.

  • Home Renovation Personal Loan

Nobody does home renovation every day. Sometimes it may get a big amount to renovate your home properly. So if you are planning to renovate your home and don’t want to break your savings then you can get a personal loan. So many people get a personal loan to renovate their houses.


  1. The rate of interest starts at 12% per year.
  2. Bank provides you with 80% of the LTV.
  3. There is a processing fee of 0.5% to 1% of the loan amount.
  4. There are no prepayment charges.

  • Holiday Loan

Sometimes people get a personal loan for vacations. In this hectic life, everyone plans holidays to get some relief. Planning for the holidays sometimes can be quite expensive. So instead of making use of credit cards, people prefer to get a personal loan because of higher rates of interest of the credit cards.

  • Business loan

Sometimes people get a personal loan to meet their business requirements. However personal loan can provide a small amount of loan, but still, you can make use of personal loan in your business.

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