In these rapidly changing times, where expenses and high competition are inseparable parts of life, we sometimes strive to find time to chase our personal dreams. Daily routine like travel, work, household chores consumes most of our time. However, we still wish to pursue something bigger or to explore more than what one is doing now. To turn any wish or dream into a reality, all we need is some planning, family support and capital. While the former two are easier to gather, it’s the finance that often becomes the limiting factor.
It’s difficult to keep going, manage household and start something new – all at the same time. It’s equally difficult to take a break, use your savings when there’s little clarity on what can happen next. It’s always a good idea to start small. Invest a small amount of capital, so that you can absorb the losses, if any, and take that plunge to find your freedom. Whether it’s starting your own bakery, or writing a book, or traveling the world while freelancing as a coder – everything can be started at a small scale, along with your existing job and once you see it heading in the direction that satisfies you, then dive deep into it!
To be able to make this happen, there are several loan offerings that you can avail, to experiment with your ideas. Self- finance is the best way if you want to check off items from your bucket list. However, if you need any financial support, here are a few options that you have -
1. EMI Free Loan - It's a flexible personal loan, wherein you pay monthly interest depending upon your Loan amount and the principal amount (which remains unchanged) can be paid as bullet payment every six months. This reduces your monthly outgo as compared to EMI based loans and easily fits your pocket. Every 6th month, you make a bullet payment, and the monthly interest amount is recalculated based on new outstanding amount. For instance, if you take a loan of Rs 1,00,000 for 60 months, then you need to pay Rs 1,500 per month for 5 months, and every 6th month - Rs 10,000 towards outstanding principal amount.
2. Advance Salary Loan - You can get up to 2.5x of your net salary with this option. These loans are short term loans offered for 3-12 months and are repaid through equal monthly instalments. This option works best when you have immediate or near immediate expenses to be paid for.
3. Personal Overdraft – When you are not able to gauge your forthcoming expenditure, the best loan to take is Personal Overdraft. It is pre-approved line of credit facility. You pay interest on what you withdraw. There’re no prepayment charges. And more or less it works like credit card but at half the rate of interest. With this loan approved to your account, you may never feel the need to apply for any other loan or credit card again.
All these loans need a simple online application, requires you to upload your basic documents online and digital lenders process the loan within 24-36 hours of application. You won't even have to leave your office desk! So, this Independence Day, take that one step that frees you of financial worries and experience your freedom, just the way you always wanted it!
The author is the Co-founder and CEO, LoanTap