Add to your family income with a Personal Loan

4 MinsDec 26, 2022

Amyra holds a mid-level position with a multinational company and enjoys her job. But her passion is baking, which she does over the weekends, as a hobby. As she used to distribute her delectable creations among friends and relatives, her reputation grew, and people started demanding her products. 

Add to your family income with a Personal Loan

Buoyed by this demand, Amyra had an idea - What if she became a home baker? It would be a great outlet for her creativity and talent, and she could also add to supplement her family income.

While the idea was good, there was one hindrance—capital. Amyra needed funds to start her business. It was then that she decided to avail a Personal Loan, and then, there was no looking back.

Here's how:

•   Easy availability
The loan was easily available to Amyra as multiple banks offered her the desired funds. She compared loan offers across lenders and chose the best deal.
The loan's eligibility requirements were also simple. Since she was a salaried employee earning a regular source of income, her loan was easily sanctioned.

•   Flexible usage:
Personal loans are multipurpose loans that allow funds for various financial needs. Amyra needed this flexibility to finance the different needs of her soon-to-be-launched business.
Thus, with a personal loan, Amyra got a versatile loan that she used for the different needs of her business. She hired the required workforce to help out, bought the varied kitchen tools and equipment, and even set aside a small amount for her bakery's every day running expenses.

•   Collateral-free
Amyra did not have any property or assets to her name that she could pledge and get a secured loan. This is where the personal loan proved to be the best fit. As it was an unsecured loan, no collateral security was required. Amyra was able to get the loan based on her income and other eligibility parameters.

•   High loan quantum
Personal loans offer optimal loan amounts to help you fund your needs effectively. Amyra was also able to get the funds she needed for her purposes. She applied for Axis Bank's personal loan, which offered funds up to Rs. 40 lakh for her business. She got the desired funds which helped her kickstart her business without liquidating her existing savings.

•   Easy repayment options
Personal loans offer repayment tenures of up to 60 months. This makes repaying them easier. Amyra used the EMI calculator and opted for a tenure of 48 months to repay the loan affordably. This allowed her to avoid high EMIs that might strain her budget.

[Also Read: How to Choose a Personal Loan Interest Rate That Fits Your Pocket ]

How did Amyra benefit from a personal loan?

With the personal loan that Amyra availed of, she turned her entrepreneurship dream into a reality without leaving her job. She became a successful home baker. She managed to create an additional income stream for her family, which proved useful for meeting the family's financial goals. In all, the loan proved to be the catalyst that allowed Amyra to harness her baking potential and supplement her family's income simultaneously.

So, if you have a side business idea that you want to turn into a reality, you can avail of a personal loan and turn your idea into a venture. The loan will give you the capital needed to float your business. With affordable personal loan  interest rates and the personal loan EMI calculator, you can find the most profitable EMI to repay the loan without hassles. So, discover the multiple benefits of a personal loan for your personal financial needs and apply for one if needed.

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.