5 Ways Borrowing for Your Passions is Financially Beneficial

By India CSR Research Team

Finding your passion is not just about careers and money. It’s about finding your authentic self. The one you’ve buried beneath other people’s needs: Kristin Hannah.

Do you want to pursue your passion and live your life to the fullest? In today’s money-driven world, those are the lucky souls who have found both money and happiness in their passion.

However, whether your passion is travelling, climbing mountains, racing go-karts, playing golf or any other activity, it can come with a price tag!

Though passion is the oxygen of the soul and imperative for the well-being of the life; you need money to buy the oxygen! In other words, you need money to finance your passion.

How to fund your passion?

Use savings— most of you would give this answer. However, digging into your savings or shelling out money from your saving account is not a good idea when you can easily borrow money, through various ways like personal loan, business loan, etc. Let’s discuss benefits which you can enjoy by borrowing money:

1. Spend where you desire

One of the biggest benefits of borrowing is that it makes it possible to purchase some big-ticket items and fund costly passions as well. Unless a sizeable nest egg is already tucked away, chances are you will borrow to upgrade your vehicle, buy branded watches or fulfil any of your passion.

2. Keep other financial plans intact

What if you want to start your small boutique and pursue your dream of becoming a fashion designer? Borrowing makes money available to you without disturbing your other financial goals. It means you can continue saving money for your various goals, like child’s education, marriage, house, etc.; and borrow money for your passion.

3. Long-term repayment schedule

Borrowing money than digging into savings means you’ll have more time to repay the amount which you owe. If we talk about standard loan options, like personal loan, business loan, home loan or car loan, etc.; for which terms and conditions are clearly defined, the repayment tenure of these financial options is long enough to help you.

4. Ready to deal with emergencies

Liquidating all your savings to finance your passion means, you would have to run from pillar to post in case emergency strikes. Moreover, you might have to take money at a high-interest rate to deal with an emergency. In contrast, if you borrow money from banks, you can get the money at easy interest rates, while at the same time, you can enjoy the financial security of having sufficient money to take care of your unforeseen circumstances in the future.

5. Let your savings grow

By borrowing money to finance your passion, you can fetch interest rates on your personal funds. It means you can grow your money by investing it in various investment options. For pursuing your passion, you can borrow money.

From where to borrow money?

Now when you know the benefits of borrowing money over using your personal saving, the next question is—From where to borrow money? What is the best way to make your passion affordable?

While, there are various ways through which you can source money, like a business loan, credit card, relatives, etc.; the best way to fund your passion is to take a personal loan.

A personal loan comes loaded with the following features and therefore, it is an apt option to meet your finances:

1. No need for security

Unlike a home loan or car loan, where you need to pledge your house or car, respectively, a personal loan is an unsecured loan. It means, you don’t need to pledge any asset to fund your passion, which makes, personal loan an ideal option.

2. Simple Process

Thanks to the hassle-free application process followed by lending institutions, including non-financial banking institutions, you can easily fill your personal loan application anywhere from the world. It means, without visiting the lender, you can apply for the loan and get the money in a few days if everything goes as per the rules.

3. Flexible loan repayment schedule

With a personal loan, you get a chance to concentrate on your passion only as you can easily decide your repayment schedule as per your preferences. Further, you can repay the loan with easy EMI payment options as well.

4. Free to use the loan amount

Whether it is about remodelling your grandpa’s car, starting a travel company, releasing your music album or going out on a world trip on your bike, with a personal loan, you can give wings to any of your passion without disclosing the reason. When you take a personal loan, you don’t need to tell the reason behind taking it and therefore, you can use it to chase any of your hidden passion.

5. No territorial limit

So, since childhood you have been nurturing the dream of learning jazz music from a foreign musician, now is the time to realise it. Just like, the lender would not be interested in knowing how you would spend your money, similarly, you don’t need to tell where you would spend your penny. It means you can use the loan amount both domestically and internationally.

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