A personal loan is the most preferred loan for Indian citizens. A personal loan is easy to apply for, instantly approved, and offers complete peace of mind. Moreover, to make personal loans more inclusive, Indian lenders have devised various types of personal loans.
Each type of personal loan has an advantage. This article will give you a laydown of the different types of personal loans so you can make better decisions while applying for a personal loan online.
You may apply for a personal loan online when there is a wedding of your loved one. Be it jewelry, food, decorations, or wedding gifts; there may be many expenses. And, marriage is a one-time event where you can never compromise. Of the various types of personal loans, wedding loans are the most flexible, as you can spend the loan funds on anything related to the wedding. Alternatively, you may use the fund to renovate your house or buy a motor vehicle for your close one.
You may have shelved your previous tour plans for the lack of money. But traveling is as essential a requirement as anything else. Travelling teaches you necessary life skills like time management, stress management, discipline, and above all, it rejuvenates your soul. With a personal loan by your side, you no more need to procrastinate about your travel plans. You may also pack your bags before applying for the online loan, as a personal loan gets approved within a few hours.
Home Renovation Loan
Sometimes, renovating your home is a necessity, and at other times, it is a luxury. Whatever the purpose, a personal loan can give you the cash you need to carry out home repairs or redesign your abode. If you have been thinking about repairing your water lines, install a new purified water dispensing system, repair electric line, or paint interiors or exterior, the personal loan funds can take care of all expenses. With interest rates starting from 11.99%, now is the best time to renovate your home and catch your friends’, relatives’, and neighbors’ fancy.
An emergency always comes without reason, and when it comes, it throws everyone’s life into disarray. Like the several types of personal loans, a medical emergency may take various shapes. While your savings might be enough to take care of small disruptions, in case something goes out of proportion, a personal loan can offer you the required money for staying trouble-free. A personal loan can be especially helpful if you do not have an existing medical insurance policy. The greatest advantage of a personal loan is that you can get the funds in your account within a few hours of applying online.
Debt Consolidation Loan
Whether you are a salaried professional or a business person, you might be struggling with a lot many different debts. You may be using some high-interest credit cards. You may also have a mix of secured and unsecured loans in your credit profile. The problem with many types of credit is that it becomes difficult to manage the payments and keep track of due dates. By availing a personal loan, you can bring all your loans under one umbrella. While you repay the personal loan EMIs, the loan funds repay all your existing loan and card debts.
What is the Eligibility Criteria?
The most exciting thing about personal loan eligibility criteria is the same for all types of personal loans. If you qualify for one type, you are eligible for the other types as well. To avail of a personal loan, you should have Indian citizenship, and your age must be between 21 and 60. Additionally, you should fulfill the minimum income criteria, which differs from lender to lender.
Before applying for a personal loan online, it is wise to know which type of personal loan would suit your requirement the best. Ensure that you read the loan terms carefully before signing the application form digitally.