Do You Know Borrowing Can Be Financially Beneficial for Fueling Your Passion?

by MyMoney Mantra FinTech (Financial Technology)

Borrowing is still considered a taboo by many, in India. However, if done in a legal and systematic way (in the form of a loan from financial institutions), borrowing can be beneficial in many ways. This is true, mainly when you have a passion and don’t have money to fuel it.

A lot of people have a passion or unique talent which is buried deep beneath the burden of their other basic needs like meeting daily financial needs, insuring their life, securing their family’s future and health, etc. However, with the availability of various loans and the ability of borrowing funds, many people are realizing their passion and turning them into reality with much needed financial support.

Do you have any passion, like traveling, starting a business, playing golf, etc.? Are you falling short of funds to pursue that passion or do you feel fueling your passion with personal savings can disdain your financial balance?

Here’s the solution!

Using your years’ savings or emptying your savings account can negatively impact your budget, financial security, and investment goals. Why exhaust your savings when you can borrow funds easily, through Personal Loan, Business Loan, and other ways. Borrowing funds to fuel your passion comes with various benefits. Here are some of those:

1. Flexibility to Spend Where You Want

You can spend loan amount on the things you desire and that is the biggest advantage of borrowing. You can make big-ticket purchases; for example, you can buy a Home with Home Loan, car with Car Loan, expensive gadgets or luxury items using Personal Loans/ Credit Cards, heavy equipment with Equipment Financing, etc.

Not just purchase but you can also upgrade your vehicle or house, grow your business, and do much more using loan amount. You have the flexibility to fulfill any passion using loan amount (based on your eligibility and requirement).

2. You Can Pursue Your Passion without Impacting Other Financial Goals

Are you an engineer working 9 to 5 with a private IT firm? Are you also an excellent dancer and deep inside there is a passion to open a dance institute?

You can Avail Low Interest Personal Loan or Business Loan (as per your eligibility and requirement) and fuel your passion without disturbing other financial goals. Also, borrowing gives you the flexibility to continue saving money for important goals, like children’s education, wedding, house, insurance, etc. while you pursue your passion.

3. Availability of Long Repayment Schedule

Borrowing money is more beneficial fiscally than digging into your personal savings as borrowing/loans come with a long repayment schedule, giving you the flexibility to pay off the debt in affordable EMIs as per your convenience and capacity.

Popular loan options, like Home Loan, Personal Loan, Business Loan, Loan Against Property, etc. come usually come with long repayment tenure; thus, making it fiscally viable and easier for you to pursue your passion.

4. You Can Keep Your Savings Intact for Emergencies

If you liquidate all your savings to fuel your passion, you may face extreme difficulty in the occurrence of any emergency. At that time there will be no other option but to avail funds at a high rate of interest to deal with such emergencies. So, it makes more sense to borrow money from lenders (banks or NBFCs) for your passion at an affordable interest rate, while you keep on saving for unforeseen circumstances and financial security.

5. Borrowing Lets You Keep Your Savings Intact and Growing

You can finance your passion with borrowed funds and simultaneously fetch attractive interest rates on personal funds. Borrowing for passion helps you grow your money by letting you invest your personal funds in multiple investment options.

What are the options available to borrow money?

Now that you are aware of the benefits of borrowing over exhausting your personal savings, you might have a question - From where can you borrow money? What are the best possible financial sources to finance your passion?

There are a plenty of options – Personal Loan, Business Loan, Home Loan, Credit Card, Loan Against Property, etc. from banks, NBFCs, friends, family members, relatives, etc.

If you have collateral (such as property), you can Avail a Loan Against Property to cater to a multitude of personal financial needs, However, for those who lack security, Personal Loan is a boon in the need of the hour. It comes with various benefits and features, such as:

Collateral-free

No need to pledge your asset (house, gold, car etc.) to get a Personal Loan for financing your passion unlike secured loans such as Home Loan, Loan Against Property, etc.

Also Read: 5 Best Home Loans in India

Easy and Quick Processing

The hassle-free application process is what makes Personal Loan an ideal choice to fund your passion. With the availability of online platforms like mymoneymantra.com, you can apply for a Personal Loan without even visiting the lender and get the money transferred to your account within a few days (depends on case to case).

Flexible Tenure

Personal Loans come with the flexible repayment schedule. You can borrow funds amounting from Rs. 50,000 to 50 lacs and repay it in affordable EMIs in a flexible tenure of 1-5 years, depending on your repayment capacity.

Multipurpose

Whether you want to start a small a yoga institute, remodel your old car, release your music album, go on a vacation, or meet any immediate financial need, a Personal Loan gives you wings to conquer any passion without disclosing the purpose you want funds for.

Do you have any passion which you want to chase down? Avail a Personal Loan and go for it. Call mymoneymantra’s Loan Specialists toll-free at 1800 103 4004 for more details.