New Delhi, June 11 -- As lending rates go southward in the wake of the RBI cutting the repo rate by 50 basis points, you can borrow personal loans so long as the purpose is strong enough. Following RBI's rate cut, a number of banks cut their lending rates in no time. These include HDFC Bank and Bank of Baroda.

When you take apersonal loan, it could be for a personal emergency or home renovation or major life events, or something else. Here we list out five key reasons for borrowing a personal loan from a bank.

I. Debt consolidation: Consumers tend to use personal loans to combine multiple high-interest debts (such as credit cards) into a single, lower-interest loan, which makes repayment simpler and affordable.

II. For renovating your ...