Since personal loans are not tied to any specific use or purchase, they can be used for a number of reasons. These can include any large expenditure that you may need to undertake but don’t currently have the cash for. Maybe your house is in dire need of repairs or renovation. If you’re planning on getting married soon, there might be no getting away from that big, fat (and costly) Indian wedding. Personal loans also come in handy in the unfortunate event that you need to cover a large medical bill for which you are either uninsured or underinsured. If you’ve been waiting for too long for that foreign trip and have been unable to save up, a personal loan can help you with that well-deserved break. Another reason people may take a personal loan is to consolidate their debt. If you have a number of debts to keep up such as multiple credit card bills or other forms of credit, they each have their own EMI cycles and varying interest charges and it can be easy to lose track. To bring all these different debts, EMIs and interest charges under one loan and a single monthly payment, you can consolidate it under a personal loan.