You might have always dreamt of taking a vacation overseas, or redoing parts of your home in such a way that will transform the entire space into your dream haven. While these aspirations might have kept on a pedestal given their monetary requirements, you can now make them come true with financial support.
Today, there are effective loan options out there, one of them being IDFC FIRST Bank’s FIRSTmoney smart personal loan, offering flexibility with usage of funds as per your requirements. With FIRSTmoney, you get a sanctioned credit limit through which you can make multiple withdrawals whenever needed.
Now, how can such a loan come of use? Read on to learn how you can take full advantage of your smart personal loan:
Ways to use personal loans smartly.
1. Financing your home renovation
Enhancing your living space can be a costly affair, requiring varied expenses. However, a smart personal loan like FIRSTmoney can provide the necessary funds for significant home improvements without the need to dip into your savings or applying for multiple loans simultaneously in case of any shortfall. With a FIRSTmoney smart personal loan, you can instantly get approved for a limit up to ₹10 lakhs and draw funds in one go or in tranches as per your convenience. Renovating your home can increase its market value, making this investment worthwhile in the long run. Plus, a well-planned renovation can elevate your quality of life and comfort.
2. Facing medical emergencies
Health crises often come unannounced and can be financially draining. In such situations, a FIRSTmoney smart personal loan can act as a buffer, covering unexpected medical expenses swiftly. Since it offers a completely digital journey with a swift approval and disbursal process, it can be a reliable option to manage medical emergencies without financial panic so that you can focus on other essentials.
3. Planning your travel
Whether it’s a long-awaited family vacation, a solo adventure, or a special occasion like a honeymoon, travel can be an enriching experience but often comes with a hefty price tag. A smart personal loan for travel from FIRSTmoney can cover travel expenses including flights, accommodation, as well as other itinerary activities. By spreading the cost over manageable repayments of over 60 months, you can enjoy your dream trip without depleting your savings or incurring high-interest credit card debt.
4. Starting or expanding a business
Entrepreneurs often require capital to launch or expand their ventures. FIRSTmoney can provide the necessary funds to cover startup costs, purchase inventory, or invest in marketing efforts. This financial boost can help in realising business ambitions and generating future income. Additionally, the zero foreclosure charges policy allow you repay your outstanding amounts without incurring any extra cost whenever you can pay in full. This makes making FIRSTmoney an affordable borrowing option for growing your venture.
5. Meeting wedding expenses
A memorable wedding is a dream for every individual and planning one can involve considerable expenses. A personal loan can significantly ease the financial burden of these marriage expenses. FIRSTmoney smart personal loans provide the necessary funds for various wedding-related costs such as venue booking, catering, decorations, attire, and jewellery. With the flexibility to draw funds multiple times as and when needed along with competitive interest rates, FIRSTmoney loans allow you to plan your dream wedding without any compromises. The quick and hassle-free online application process ensures that you receive the funds promptly. Lastly, with FIRSTmoney’s zero foreclosure charges, you can clear your loan dues in full any time without incurring any extra charges.
Things to keep in mind when opting for a personal loan
While personal loans offer various benefits, it’s essential to approach them with caution:
Interest rates and fees: Compare different lenders to find the most favourable interest rates and minimal fees. Even a small difference in rates can significantly impact the total repayment amount. Repayment terms: Ensure the repayment schedule aligns with your financial situation. Longer terms might reduce monthly payments but increase the overall interest paid.
Credit score impact: Understand how taking a personal loan will affect your credit score. Timely repayments can boost your score, but missed payments can have adverse effects. For individuals with exceptionally good credit score of 750 and above, FIRSTmoney stands out as a viable choice, offering flexibility to use funds as and when needed. You can get a competitive interest rate starting at 10.99% and flexible repayment terms ranging from 2 months to 60 months. With a user-centric approach, FIRSTmoney loans ensure a hassle-free application process, quick disbursals, and exceptional customer support.
Conclusion
A personal loan, when used wisely, can be a powerful tool to achieve your financial goals. Whether you are renovating your home, managing a medical emergency, or funding education, strategic borrowing can transform your financial landscape. Remember to carefully go through your loan’s fine print to make the best choice.
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