How to Ensure That Your Kid Builds on that Unexpected Success?
Remember, Farhan Qureshi of the film, 3 Idiots? His father decided his career the day he was born, “Mera beta engineer banega.” But the senior Qureshi got a big shock of his life when his son unveiled his plan of becoming a wildlife photographer. The father asked the son to sell the laptop, which he lovingly bought for him, and buy a camera for himself.
What if tomorrow, your child also decides to pursue his passion? Or, what if your talented kid clears the science entrance exam and becomes eligible to join NASA for its next project? As a parent, you would be happy over your child’s success, however, in both the situations, you need money to make things happen.
Every child is the apple of the eyes of his/her parents. As a parent, you work hard to give your kid the best of everything. And therefore, when it comes to financing the ‘unexpected’ success of your child, you leave no stone unturned.
However, with the clock ticking fast, you can’t let your kid’s dreams wait, so, taking a personal loan can be the best alternative to finance your child’s dreams.
When you opt for a personal loan to turn your kid’s dreams into reality, you get the following benefits=
1. No need to give collateral or security- The biggest benefit of using a personal loan over other loans is that you don’t need a collateral or security. It means, without hassles, you can get the loan even if you don’t have assets.
Thoughpersonal loanis available without collateral; you can always offer an asset as a security to reduce the interest rate. Either you can pledge your physical assets like ahome, gold, etc.; or financial assets like a fixed deposit receipt, insurance policy, mutual funds, etc.; as collateral.
Reiterating, you can apply for a personal loan without collateralas well.
2. Time saving option- Check out lenders like Aditya Birla Finance Limited who can give instant approval on your personal loan application to meet any of your urgent needs. Further, you can apply for a personal loan online and enjoy the benefits of minimal documentation and processing time. What’s more, the loan amount is transferred to your account within a few days of its sanction.
Unlike other loan options, it is easier to get a personal loan as your salary and CIBIL score are what the lender wants to check. If you satisfy the lender on both these factors, your loan is likely to get approved.
3. No need to disclose the purpose of loan- Without answering ‘why’ you want a personal loan, you can avail it. In fact, if you have availed a loan amount to finance education needs of your child and a considerable amount is still lying in your account, you can make use of the remaining amount to fund any of your requirements at that moment.
For instance, you have availed a personal loan to purchase some useful college supplies for your son and a chunk of the loan amount is still unutilized. Now you can use this money to buy a bike, household item or fund any unexpected need of your child.
As a parent, you would have to look for multiple financial resources to meet your child’s growing requirements. Educational loans, bank fixed deposits, child insurance— all are part of your financial planning. However, when there is a pressing need, and you require a sizeable amount, opting for a personal loan is the right idea.
It is imperative to do a proper researchif you want to choose a lender that suits your needs completely. Traditional banks may be your first choice for a personal loan, however, non-banking financial companies like Aditya Birla Finance Limited may help you get a personal loan at attractive terms and conditions.
Kids with dreams become adults with vision, so encourage them to dream, and as a parent, you systematically plan to accomplish all those knitted dreams.