Deciding whether or not to take a personal loan can be a tricky. This is mainly because personal loan is the only loan where the lender does not restrict you to use the money in a certain manner. For instance, education loan money can only be spent for education, while car or house loan can be used to only purchase a car and home, respectively. However, you can spend the money acquired through a personal loan for anything that you feel like.
Another unique feature of a personal loan is that you do not have to put up a collateral for the loan. So, rather than spending the loan money on a wedding or a vacation, you can try out these fun and unique options.
1. Adoption
When we think about a personal loan, we never think about the prospect of adoption. However, in India, the cost of adopting a child can be anywhere around Rs. 30,000 to Rs. 40,000. Aside from that, you would also need to hire a lawyer, which can also be an expensive prospect. Taking a personal loan can help you out in this regard and help save your own money, which can be used to care for the adopted child in the future. However, make sure that you only borrow as much as needed and not more.
2. Flipping a home
People with a penchant for business can take a personal loan in order to flip a house. Flipping a house means giving it a complete makeover. You can try to purchase an old or dilapidated house at cheap rates and use the loan money to renovate the structure. After the remodelling is complete, you can sell the house at a much higher rate than what you originally paid for it. So, apply for a personal loan if you think you can succeed in such a venture.
3. Starting your own food truck business
Food trucks are a common enterprise in the western countries but it is still an emerging market in India. The advantage with such a food truck is that you do not need to lease or purchase land for your eatery. You only need to purchase a big enough truck that can house the kitchen and food preparation counters. You can apply for a personal loan to set up such a business with ease, the profits generated by the business can then be used to pay off the loan.
No matter how you plan on using the personal loan money, remember that you should only loan as much as required. Going overboard may result in unnecessary hassle while paying it back i the future.
Another unique feature of a personal loan is that you do not have to put up a collateral for the loan. So, rather than spending the loan money on a wedding or a vacation, you can try out these fun and unique options.
1. Adoption
When we think about a personal loan, we never think about the prospect of adoption. However, in India, the cost of adopting a child can be anywhere around Rs. 30,000 to Rs. 40,000. Aside from that, you would also need to hire a lawyer, which can also be an expensive prospect. Taking a personal loan can help you out in this regard and help save your own money, which can be used to care for the adopted child in the future. However, make sure that you only borrow as much as needed and not more.
2. Flipping a home
People with a penchant for business can take a personal loan in order to flip a house. Flipping a house means giving it a complete makeover. You can try to purchase an old or dilapidated house at cheap rates and use the loan money to renovate the structure. After the remodelling is complete, you can sell the house at a much higher rate than what you originally paid for it. So, apply for a personal loan if you think you can succeed in such a venture.
3. Starting your own food truck business
Food trucks are a common enterprise in the western countries but it is still an emerging market in India. The advantage with such a food truck is that you do not need to lease or purchase land for your eatery. You only need to purchase a big enough truck that can house the kitchen and food preparation counters. You can apply for a personal loan to set up such a business with ease, the profits generated by the business can then be used to pay off the loan.
No matter how you plan on using the personal loan money, remember that you should only loan as much as required. Going overboard may result in unnecessary hassle while paying it back i the future.
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