Use the personal loan as a stepping stone
A home loan is very important and you can use a personal loan to help you secure that dream house. When you purchase a home you need to make a down payment (say 10-20%) of the cost of the home. You can then avail a home loan for the remaining amount. You can avail a personal loan to make the down payment for a home loan. It serves as a stepping stone to your dream home.
Who takes a personal loan?
These loans are availed if you live in a tier 1 or 2 city or a metro. If you live in a city you generally avail a personal loan of INR 1-2 Lakhs to meet any emergencies. In a metro you need to avail a personal loan of INR 3-4 Lakhs as living expenses are high. A personal loan is generally availed by those who are young and just starting their careers. If you are 25-30 years of age you would avail a personal loan.
These loans are then used to buy goods of personal aspiration such as the latest mobile phone or a high end laptop even though interest rates on a personal loan are high. You need to be responsible when availing a personal loan. The bank places the responsibility of repaying the loan without any hitches squarely on your shoulders. Avail a personal loan only in an emergency.
Banks have tightened their belts
Banks sanction your personal loan only if you have a steady job. Banks do not want to suffer losses as these loans are given without any collateral. If you avail a personal loan from the bank where you have an account it is easier to get a personal loan. You can also get the benefit of a lower interest rate.
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