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Here's how a personal loan can be a smart choice for millennials
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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.
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Millennials as a generation are dynamic, fierce, smart, and experimental and are on a constant lookout for immediate solutions. They may not want to save and wait for years to go on a trip abroad or to purchase the latest electronic product. Owing to this major reason, personal loans are gaining huge popularity among this group. Mentioned here are some scenarios when hitting on the personal loan apply online option may be a smart choice for millennials.
Weddings are often a huge life milestone and tend to require substantial funds. There are several costs incurred like venue, accommodation, apparel, food, etc. Here is where a quick personal loan can be a smart choice to meet monetary shortfalls arising during wedding planning.
Medical emergencies may take a toll on your financial stability. Even if you hold a health insurance policy, it might not cover all your medical expenses. Here is where you may consider clicking on the personal loan apply button. Proceeds of personal loans are usually processed instantly, making it a hassle-free option to meet your urgent medical expenses.
Moving to another place, while exciting, is also a daunting task. You may be moving owing to your job change or any other purpose. Either way, relocating can be stressful and costly. In this scenario, opting for a personal loan makes sense. Doing so may allow you to take care of your urgent expenditures because of relocation, which you can easily repay in smaller instalments in the form of Equated Monthly Instalments (EMIs).
With options like hybrid and remote work becoming common, the line between leisure and work is blurring and many are making optimal utilisation of this opportunity to satisfy their wanderlust. To meet financial mismatches while travelling, personal loans tend to come as a rescue as the proceeds may be disbursed instantly within the same day of the application in the case of pre-approved loans. So, no matter if it is a spontaneous trip to a nearby hill station or a planned international vacation, a personal loan can allow you to enjoy your trip to the fullest.
Often, your actual home renovation cost may surpass the budget estimated. However, that does not mean you have to use your long-term investments to meet these monetary mismatches. With a personal loan, you can get a proceed of as high as Rs 40 lakh to renovate your home.
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Emergencies do not knock at your door with a warning sign. When you face any unforeseen expenditures, you have two choices – either use your rainy-day savings or avail a personal loan. If you select the former, you might run out of funds and might require more. However, you can easily meet this risk by opting for a personal loan. Based on your credit profile and eligibility, your personal loan interest rate may be determined by the lender. Holding a good credit score may fetch you a high loan proceed at a lower rate, which may allow you to easily repay your personal loan EMI.
Conclusion
Personal loans are a smart choice to meet all your non-speculative needs owing to features such as quick disbursal, minimal documentation, and no collateral requirement. However, ensure to choose a reliable banking partner to avail a personal loan at transparent loan pricing.
Also, use an online personal loan EMI calculator before filling out the personal loan application. Doing so would allow you to determine the EMI amount and loan repayment tenure that is the most comfortable for you. Knowing these figures in advance would also allow you to better negotiate with the lender to get an attractive deal.
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