Jaipur, the capital city of culturally and historically rich Rajasthan, is one of India’s most popular tourist destinations. Not only that, but the city is well-known for its minerals and offers numerous job opportunities in different sectors. If you are a Jaipur native or have moved to the city in search of work or to start a business, you may need to apply for a personal loan from time to time. Here are some common scenarios in which applying for a personal loan in Jaipur is a good idea.
1. Starting a new business
Has your 9 to 5 job begun to wear you down? Is your boss failing to provide you with the adequate appraisal you expected? If these factors have caused you to reconsider your decision, it is time to resign and start your own business. However, remember that setting up a new venture requires adequate funding. And if you are under budget constraints, easy access to a personal loan in Jaipur can assist. But wait, there is a catch. When applying for this loan, the lender requires that you have at least a year of experience in either a job or a business. So, apply for a loan while still working, use the funds to start a business, devote some extra time from your daily routine to growing your venture, and then quit your job.
You must make yourself familiar with the fact that financial institutions do not lend business loans to start-ups.
2. Debt consolidation
Nowadays, you will hardly find anyone who is living a debt-free life. You may also be saddled with multiple debts to maintain your standard of living. Aside from that, people these days have the habit of carrying multiple credit cards. Since these cards do not carry any interest rate if the utilised amount is paid on time, people use them extravagantly on various things. The most common areas where credit cards are utilised the most are shopping, dining, vacation, etc. However, credit cards are notorious for putting a strain on the budget by piling up the amount to the point where the borrower finds it difficult to repay the dues. The situation eventually leads to the accumulation of substantial interest rates ranging from 2% to 4%.
Now, the best option for getting out of debt is to look for a personal loan online apply. You can use them to pay off your credit cards and other high-interest loans all at once.
3. Wedding expenses
Jaipur is well-known for its beautiful palaces and royal culture. If you live in this city and are planning a wedding, you are probably fantasising about a destination or a royal wedding. But is organising a grand wedding event that simple? If you have the necessary funds, the answer is most likely yes.
Weddings are one of the most expensive things you will ever encounter in your life. It can sometimes be more expensive than purchasing a new apartment. You will need money to cover expenses like jewellery, clothing, venue reservations, and so on. All of these expenses are significant enough to put a significant dent in your budget. Let’s break down the expenses to give you a more clear idea.
|Venue charges (per plate cost included)||Rs 6,00,000 to Rs 10,00,000|
|Apparel||Rs 25,000 to Rs 50,000|
|Jewellery||Rs 3,50,000 to Rs 5,00,000|
|Venue charges||Rs 5,00,000 to Rs 15,00,000|
|Decorators||Rs 5,00,000 to Rs 10,00,000|
|Caterers||Rs 7,00,000 to Rs 12,00,000|
|Apparel||Rs 40,000 to Rs 1,00,000|
The above table shows how much a royal-themed wedding would cost. Simply half the amount if you want a simple wedding. A personal loan in Jaipur may not completely alleviate your financial burden, but it will certainly help.
4. Home Construction
As your children reach adolescence, the house you purchased years ago for living with your spouse may no longer be large enough to accommodate your teenage children, who require separate rooms. You will need to build more rooms by dividing the existing ones or by building a new room on your house terrace.
Building a house is not a cheap endeavour. You will need to budget for labour costs, raw material purchases, and other expenses. The total cost of building a single room could be around Rs 5 lakh. In this case, nothing beats a personal loan in Jaipur to meet your funding needs.
Many people opt for a home construction loan, a type of mortgage loan. But tell us, is this a wise decision to put a Rs 50 lakh real estate asset at risk for a Rs 5 lakh fund? Consider the following scenario: in the worst-case scenario, your financial situation makes paying your EMI difficult, and the lender does not allow rescheduling, causing you to default. In this case, how would you feel if your house was put on auction? Helpless. This is why a personal loan is ideal for building purposes.
If you have been working nonstop for several months without taking a break, your mind craves rest. The best way to unwind from your hectic work schedule is to go on a week-long trip, either within the country or abroad. However, many people postponed much-needed vacations due to financial constraints. Travelling necessitates having enough money in your wallet or account. When making a budget for vacation, you consider things like flight costs, hotel costs, sightseeing, and so on. If the trip is planned within a city, the total cost of these expenses could range between Rs 50,000 and Rs 2,00,000. Bearing the entire travel expense out of your salary may put you in financial jeopardy. As a result, a personal loan online apply is the best option here.
6. Credit building
If you don’t have a credit history because you have never applied for a loan before, a personal loan in Jaipur is the best way to get started. Apply for a small loan, repay it on time, and your credit score will improve, allowing you to borrow a larger sum in the future.
As you may have read in other articles, Jaipur is not cheap. If you live in this city, you will feel the need to apply for a personal loan at some point in your life. The reasons listed above are some of the most common reasons people apply for a personal loan in Jaipur.