When you come across the word ‘lifestyle’, there is a sense of luxury that follows it. We imagine riches, big, beautiful houses, expensive cars, and living a high-class life. It is something that we have instilled in ourselves through our outlook; people believe that if they are earning large figures, they enjoy a better life than the rest. This isn’t true in all circumstances.
Our way of life is portrayed by the jobs we do and our leisurely activities as well. We use our income so that we can live the way we want and do things that we love. It is essential that you lead a content and happy life that is filled with things that you love and enjoy.
To keep up a well-balanced lifestyle, you need to have sufficient funds kept aside. You may be earning well, but there will invariably be a requirement for credit at some point in time. It does not have to be a financial crisis.; rather it could be something that you require and hence, have to spend money on it.
You can apply for lifestyle loans to help you keep up a good life. You can avail the Personal Loan for buying appliances, funding an overseas vacation, improving your home, wedding or even paying for your child’s higher education. The loan amount is usually between Rs. 50,000 and Rs. 50 Lakhs, over a tenure of three to 60 months. You can pay the loan through monthly instalments, which proves beneficial to the consumers.
You can now Take a Personal Loan Online as well. The eligibility for the loans and the interest rates can vary from lender to lender.
Reasons to Take a Personal Loan
- To Make Home Improvements
It might be considerably smarter for you to pick a Personal Loan when it comes to renovating your home. You don’t have to worry about pledging your home as collateral and hence, there are no worries about foreclosure.
You can use the loan to improve your home, upgrade the appliances or redecorate it so that you live comfortably. Regardless of whether you need to rebuild your home entirely or in parts, a lifestyle loan enables you to accomplish the coveted outcomes.
- Lifestyle Loan for Personal Financing
Personal financing is a financial method of dealing with your income correctly, so you can pay for expenditures without any hassle. It additionally incorporates the brilliant use of dealing with Credit Cards and clearing debts. Personal financing enables you to deal with your salary more proficiently. Keeping a close eye on your salary and the way you spend it, allows you to invest money to build wealth and pay for your needs.
Checking your money inflow and seeing where it gets directed the most, helps in critical planning for budget management. The financial security of your family and forthcoming retirement are all possible through personal financing and prudent financial management. When you apply for a Personal Loan to pay for wellness, renovations, and unexpected situations, you are taking control of your finances in a more informed manner.
- Build Good Credit History
If you have defaulted on a previous loan in the last two years or have fallen behind in repaying another loan, it will reflect on your credit report. It does auger well for you if you want to take a loan. However, there are lenders, who extend personal loans to individuals with poor credit.
Usually, these loans are for two years and may not take a toll on your pocket with hefty monthly repayments if you find the right lender. When you repay the loan on time, it will help improve your credit history and boost your credit score.
- To Refinance or Consolidate Debt
By a wide margin, the main reason why individuals opt for Personal Loans is to pay off any debts they have. In fact, statistics reveal that nearly 49% of all Personal Loans are for debt consolidation or refinancing an existing loan.
If you do not enjoy a sufficient tax advantage on your loans with your existing provider, you should take a Personal Loan instead. Different accounts and Credit Cards, along with various EMIs (Equated Monthly Instalments) are a task to handle. You can pay off small loans with high interest using a Personal Loan and then take advantage of the low interest rate and affordable monthly payments to repay other loans with the money you save. Personal Loans are a lifesaver as they are easier to handle, especially if you manage to get a loan that has a competitive interest rate.
While it is easier than ever to apply for a Personal Loan, you should make an informed decision before signing on the dotted lines. Make sure you can afford the monthly payments without feeling the pinch. Also, it should genuinely help boost your lifestyle.
To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.
Talk to our Loan Specialists toll-free at 1800 103 4004 to know more about our products and offers.