When you find it hard to manage your finances due to a sudden job loss or an unexpected medical emergency; counting on a personal loan seems rational. However, as diverse as these personal loans are; there are many other scenarios when you could rely on them to get you out of a sticky financial situation. Personal loans, over the years, have become flexible and easily affordable. Instant approvals and minimal documentation requirements, amongst others; have all helped people to rely on this loan type whenever they find it difficult to manage expenses.

Personal loans are no longer a taboo. While taking debt is not a good option but when you find yourself unable to meet your emergent situation; personal loans can be a blessing in disguise to maintain your dignity and respect. So when is the right time to opt for a personal loan? Here are some common situations that make personal loans a first choice for financial freedom:

➡ Medical Emergency - Imagine a situation when you need immediate help with cash for a medical emergency. Not every medical insurance provides cashless facility and at times you need to pay a hefty amount to the hospital upfront before they even begin with a major surgery. Time is of the essence at this point and banks such as HDFC or Bajaj Finance can at times disburse personal loans within 72 hours. You can easily apply for a personal loan and cover the expenditure involved in your medical emergency and can always return the money back to the bank once you file a claim with your medical insurance provider and they reimburse you. As you know you will be availing the personal loan for only a short period of time, it is crucial that you opt for a bank that offers no penalty in pre-payment of the personal loan.

➡ Pay-Off Credit Card Debt - Another situation when you can avail a personal loan is when you need to payoff your credit card. As you may know, revolving credit on a credit card is not wise as credit cards have the highest interest rates applicable that are almost double in comparison to that of a personal loan. Therefore, instead of revolving credit on a credit card and pay hefty interest every month as EMI that does not even make a dent on your outstanding balance; you can pay off that amount using a personal loan. With a personal loan, you can simply choose a loan tenure according to your requirement and capability and pay off with a much lower interest. You will not only get rid of your credit card debt but will also be able to repay personal loan in easy installments; thereby improving your overall credit score.

➡ Pay For Your Higher Education – While student loans are an ideal loan type for your higher education; a student loan covers not all student courses or universities. At such point, relying on a personal loan can be a saving grace for you to pursue higher education. You can choose a flexible loan tenure that go as high as 6 years. Not only that, at times when you have got a student loan, it does not cover all the expenses you might incur such as travel, hostel fees, etc. Using personal loans to cover such costs can be the right alternative.

➡ Wedding – When you dream of a fairy tale wedding, but also do not want your parents to bear the financial burden; personal loans can be a great way to fund your own wedding. A lot of banks these days offer customized personal loans, also known as wedding loans that cover all the major expenses of a wedding and are typically tailored in a way to meet the demands of a week-long wedding. You can easily pay off the loan with easy EMIs and flexible loan tenures. So go fund yourself for your dream wedding and make yourself and your parents proud of your financial ownership and responsibility.

Letzbank offers some of the best personal loan options from a variety of banks that suit every individual needs. You can make use of the comparative display of different loans, all at one page and check your loan eligibility and calculate your EMI is a stress-free manner. Letzbank customers also get the chance to get their service charge removed if they submit their loan application directly at Letzbank website. You can also avail different types of insurance offerings such as travel insurance, life insurance, health insurance and much more at Letzbank. So, go ahead and be financially stable with the help of a personal loan and avail the service charge waiver, only at Letzbank!

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