Personal loans are one of the fastest and easiest loans you can use to finance medical emergencies, expensive purchases, getting married, consolidating your debts, renovating your home, etc. these are just a few of the many reasons why this option is preferred. But most of us do not know that there are many types of personal loans offered in India.
Let's take a look:
- Short-term Personal Loans (STPL): Offered by many digital lenders, short-term personal loans start from a minimum of Rs. 1000 and can be repaid in a few days to months to the lender.
- Loan for a wedding: This loan is intended to help couples and families cope with the financial stress of marriage. It can be used to pay for major wedding expenses such as accommodation, guest accommodation, jewelry, food, decoration, etc. the interest rates for this can be higher so use the personal loan emi calculator before applying.
- Top-up Loan: This loan is provided by the same lender who has taken your loan out to you. With additional loans, you can get extra money on your existing loan and you can repay it according to your existing time. However, this type of loan is only given to the lender if you are regular with your muthoot finance personal loan repayment.
- Vacation Loans: If you are planning a vacation and wish to take care of your travel expenses without spending your savings or touching your monthly budget, this is the loan for you.
- Agricultural loans: This type of personal loan is given to farmers and helps them to buy various machinery and other tools and equipment related to their farming activities. The interest rate on these loans is very low.
- Home renovation loan: Time changes as well as your home and lifestyle. As the name suggests, this loan can help you pay for the renovation and repair of your home. So, if you are planning to repair that leaky ceiling or want to make a wooden plank, this loan can help you without having to spend your savings.
- Overdraft loan: No one can predict what will happen tomorrow but you have to be prepared for the worst, right? This loan ensures that you do not run out of money and that you have enough money in your account in case of an emergency. The interest rate on this loan is high and you only pay interest on the money you spend.
- Long-term consumer loans: Banks offer long-term consumer loans without EMI for expenses. This type of loan can be used to buy any long-term consumer item including a phone, refrigerator, furniture, washing machine, microwave, etc. The product price is determined by EMIs and can be paid within the decision. Some products may include a down payment or a processing fee while others do not.
- Medical loans: If there is a medical emergency and you do not have enough money to pay for medical bills, you can apply for a medical loan and you can get quick money to pay those hard payments.
- Pension loan: Yes, pensioners can borrow at least 7 to 10 times their pension as loans to deal with any financial emergency. Normally, these loans are only available at the same bank where the pensioner deducts his pension.
- Higher education: A personal higher education loan can cover all of your expenses such as college fees, books, accommodation, tuition, travel, etc. Students can apply for this type of personal loan with the applicant (guardian/parents).
- Festival Loans: This type of personal loan comes periodically during the festival season. These loans have a low borrowing rate, however, they usually come with a low-interest rate and the processing fee is also low. There may be other attractive offers available on this type of loan.
Conclusion:
While there are a variety of personal loan options available to most banks, some lenders may not offer different types of personal loans and offer them all under one category of 'personal loans'. You can apply for a different personal loan according to your need. You can compare personal loan offers with different banks and interest rates and then select the one right for you.
Must Read:- Medical Purpose Personal Loan
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