While personal loans are a great option to access funds for virtually anything, it’s important to determine your reason behind applying for one and doing your research beforehand.

You may need the money for large purchases, a sudden unexpected expense, debt consolidation, an emergency or something else. You have the option to pay back your loan in monthly installments over the course of a few months or years, depending on your circumstances and discipline in loan repayment.

Here are the top reasons why you may consider taking on a personal loan:

• Home Renovation - If you are a homeowner who wishes to repair or upgrade your home, you can finance a small to mid-size home improvement project with a personal loan – whether it’s replacing a roof, fixing the plumbing, adding a fixture, buying a major household appliance or the latest gadget. It’s a good fit especially in cases where you do not have the required cash on hand and do not wish to use a collateral against your loan.
• Marriage Expenses - If you dream of a big wedding but are limited by budget constraints, a personal loan can help you navigate your wedding-related expenses like venue booking, catering, holiday funds, shopping or more.
• Moving Expenses - If you wish to relocate to a new city and need additional funds for transporting your furniture or vehicle or other expenses, you can cover your moving costs with a personal loan. It also gives you financial respite if you are between jobs or are planning to make a career switch, without having to use your savings or emergency fund.
• Education Expenses - If you wish to supplement the education loan of your child, spouse, or a loved one, you can opt for a personal loan and pay off your debt systematically in a few years.
• Travel Expenses - If you have a dream destination in mind but are put off by the cost involved, you can opt for a personal loan and self-indulge in that one-time dream holiday. It’s also easier to pay off your debt in a timebound manner without being overwhelmed by the expenses.
• Emergency Expenses - You can also bolster your emergency fund with a personal loan. Unexpected expenses by their very nature come unannounced and may catch you unprepared. During the uncertain times of a global pandemic, it’s prudent to keep extra cash in hand and depending on the kind of emergency, be it the loss of a job or sudden medical bills, find quick assistance with the right kind of funding.

Once you’ve determined the reason why you need to borrow money or repay in installments, you can apply for a wide range of loans and services offered by Citi, tailored to suit your requirement.

Once your application for a personal loan is approved, you receive the money as a lump sum in your bank account and will have to start making monthly payments post loan disbursal.

Personal loans are mostly unsecured, which means there’s no collateral behind the loan and usually have fixed interest rates – so there’s lesser risk involved, and you pay a fixed amount every month as repayment. They are a great option when you need quick funding or to finance a project that you can’t afford upfront.

Ask yourself how much money you need before applying for a loan. You may have a great credit score to borrow more than you need, but you should always aim to keep your loan repayment manageable and set a fair limit to the amount you borrow. Also, keep track of the interest that you are paying. At Citi, you get attractive interest rates on personal loans that may vary anywhere between 9.99% and 14.99% per annum, based on factors such as your income, quantum of loan, loan tenure and credit score.

You also benefit from minimal documentation, speedy loan approvals, flexible tenures and EMIs that fulfil your financial needs without compromising on your savings or budget and complement your lifestyle.