Personal Financial Planning Tips With Low Interest

By Author: Suresh Chand Tanwar
Total Articles: 6
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You can apply for a personal loan for a variety of reasons, be it medical emergencies, a wedding, going on a vacation, or purchasing something high-ticket.

But before that let's define what a personal loan is, there are loans which are very specific to the purchase you might make, for example you opt for a mortgage loan when you want to buy an apartment, while for a car you opt for an auto loan, and for education you apply for a student loan. But personal loan is something quite different from all of them, you can use personal loan for anything you want to, you will get the loan disbursed into your account in a matter of a few hours and following that you can use the money as you please, just you need to keep a check that the reason is legal and responsible.

Personal loans are also unsecured, which means that unlike mortgage loan, where your house is kept as a collateral, you don't need to keep anything as a collateral in case of personal loan. At times the loan interest rate is higher, but a personal loan is much more flexible and easy.

Here are a few personal loan facts that you might consider ...
... to why use personal loans for proper personal financial planning.

1. You can always consolidate your debts using a personal loan. You can pay any debt you have with a personal loan, be it credit cards or any other loan you had taken earlier. You have the potential to pay off all the debts with one monthly payment and the best thing about applying for a personal loan is that the personal loan interest rate if considerably low compared to the APRs of credit cards.

2. When you have a student loan and a high bank loan interest is being levied on it, you can easily pay it with a personal loan, and give yourself some financial relief. You will certainly receive a personal loan with a lower interest rate and that in turn will allow you to repay your loan faster.

3. You can always opt for a personal loan instead of using a credit card for funding a purchase, be it something huge as a car or just a lot of shopping when you go abroad on a long vacation. You can opt for anything you want. And it is always a better option to pay the whole amount in cash to the seller, instead of financing a loan from the seller's end. Don't worry, getting a personal loan from Sugmya Finance is always the right option. You can check for your eligibility now on Sufinn.com.

4. You can also apply for a personal loan to pay for your wedding or your children's wedding. It can be any other event as well, which is large scale. One can take a personal loan and pay for the event. And you can truly save a lot more if you don't use credit cards.

5. Lastly, when you apply for a personal loan it will help you improve your credit score as it shows that you have the potential to pay back without any problem, and you will also not have any dues to be shown in your credit history, which creates a good image of yours in front of any prospective lenders if you need a loan again sometime later.

I did complete my computer engineering degree in India from Govt College. And I am interested in computer works. Currently I am working as a freelancer with sufinn.com. This company offers number of loans like personal loan and other short term loan.