Uses of personal loans
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Why are personal loans 
called unsecured loans?
Personal loans are the loans that are taken by the 
borrower from a bank or non-banking financial 
company (NBFC) to meet their personal financial 
needs. 
These are called unsecured type of loans because the 
borrower is not required to put any collateral or 
surety with the lender. The loan amount is 
sanctioned based on income level, credit history, 
employment status, etc.
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What can a personal loan be used for?
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Make a large purchase:
Make a large purchase: Personal loans can be used for making large purchases like 
buying off a washing machine, television, air conditioner, etc. These expenses end 
up costing you more than your savings.
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Consolidate 
If the borrower has multiple loans that have to be paid, then one personal 
debt: loan can be used for debt consolidation. All the outstanding balances can be 
cleared off at once.
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Pay off Personal loans having low-
interest rates will give an 
credit cards: advantage of paying off 
the credit card bills easily.
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Emergency bills:
Many people take personal 
loans for emergency needs. 
When in an emergency, 
insurance doesn’t cover 
everything. So, taking up a 
personal loan will help in 
clearing medical bills.
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Home Remodeling:
After a few years of construction, 
every house needs to be improved. 
Whether it is repairing of the roof, 
planning for borewell, installing solar 
panels, etc., personal loans will help 
in fixing the house.
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