When you were a kid, you had multiple dreams — probably going to Disneyland, getting into exceptional colleges, getting the best race car and becoming an astronaut. As you grew older, your dreams may have changed to going on a cruise vacation, having a home gym, renovating your house to make it look and feel brand new, or even owning a 3 BHK villa.
However, does dreaming alone help materialise these desires? No. To achieve your dreams, you need to systematically plan your finances and strategise them in such a way that hopefully, all your dreams are met. This is when Personal Loans come into play.
More than just money
In the world of financing, Personal Loans act as the torchbearers of individual aspirations. They are not just figures; they are enablers that transform abstract dreams into tangible, cherished memories. So how are they helpful? Lets’ find out:
1. Instant accessibility: Long gone are those days when you needed to visit the bank physically multiple times to get a loan. The rapid evolution of banking ensures timely financial backing, exemplified by 24x7 Personal Loans from Axis Bank. These promise financial support at any hour, so time is not a barrier between you and your dreams. They also give tenure of up to 60 months and provide the option of paying EMI as low as ₹2,249 per lakh.
Also Read :Smart borrowing: know when to use a Personal Loan
2. Transparency in interest rates: Mentioning interest rates often paints a scary picture filled with complex calculations and pitfalls. Progressive banks today champion transparency, keeping you well-informed and confident. This lucid approach ensures that your celebrations remain stress-free.
3. Precision with EMI calculators: A common deterrent to availing loans is miscalculation. The Personal Loan EMI Calculator acts as a financial compass. It does not just provide clarity on your monthly repayments; it also empowers you to plan your finances precisely.
4. Eligibility: Previously, the journey to a Personal Loan was shrouded in uncertainty and ambiguity. The contemporary digital era, with customer-focused strategies, offers clarity. Understanding the eligibility criteria helps map your journey, ensuring a smooth transition from dreams to reality.
Before you take Personal Loans
Getting a Personal Loan can be a sensible decision under the right circumstances. However, as with all financial products, it is essential to be well-informed and cautious. Before committing to one, consider the following aspects:
1. Purpose: Understand why you need the loan. Whether it is for debt consolidation, home renovation, vacation, or medical emergencies, having a clear purpose helps in determining the amount you need and how you will manage repayments.
2. Interest rates: Different banks and financial institutions offer varying interest rates. It is vital to compare rates to ensure you are getting the most competitive one.
3. Loan tenure: Shorter loan tenures mean higher monthly payments but less interest over the tenure of the loan. Longer tenures reduce your monthly outgo but can mean paying more in total interest.
4. Fees and charges: Be aware of any processing fees, late payment penalties, prepayment charges, and other associated fees. Sometimes, a loan might have a lower interest rate but could have high fees that make it more expensive.
5. Loan amount: Borrow only what you need. Over-borrowing can lead to unnecessary interest payments, while under-borrowing might not adequately cover your needs.
6. Repayment flexibility: Check if the lender offers any flexibility in repayment. Some institutions might allow you to make extra payments without penalties or adjust the EMI under certain conditions.
7. Lender's reputation: Do some research to ensure you are borrowing from a reputable institution. Reading reviews and seeking recommendations can provide insights into the lender's customer service and reliability.
8. Loan disbursal time: If you are in a hurry, you might want to opt for lenders that promise quick loan disbursals. Some institutions now offer instant Personal Loans, especially for pre-approved customers.
9. Terms and conditions: Always read the fine print. Ensure you are fully aware of all the terms and conditions associated with the loan. If there is something you do not understand, seek clarification.
Also Read :When should you avail of a Personal Loan?
To conclude
Life is a beautiful journey marked by big and small milestones. While aspirations fuel our desires, having a financial partner like Axis Bank can pave the path to their fulfilment. So, the next time you dream of achieving a personal milestone, remember that with the right tools and financial backing, you can indeed turn these dreams into cherished memories. All you need to do is plan your Personal Loan and related finances.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
