In today’s scenario in India, a large number of people apply for personal loans. It is because a personal loan is the best financial tool to generate funds for many needs. Yes, you can easily raise funds to cover an emergency, making a large purchase, marriage expenses, debt consolidation, home renovations and more.
What’s more, the easy application procedures equipped with quick approval, minimal eligibility and documentation along with faster disbursement makes it favourable.
The higher loan amount of up to Rs.25 lakh payable between 12 and 60 months makes it another reason for borrowers applying for it in India.
But, do you have any idea about the different types of loan that are available in India?
Yes, there are many types of personal loans that specifically cover many of your needs right from travelling to debt consolidation to business expansions and more. Let’s have a look.
- Personal loan for debt consolidation
This loan is designed by leading banks and non-banking finance companies (NBFCs) to help customers consolidate their higher interest yielding debts. You can apply for it and pay all off your debts and pay only one EMI. This way, you can better take care of your finances and monthly outlays.
- Personal loan for wedding
These types of loans intend to help couples and families ease the pressure of wedding finances. You can use the loan amount to book wedding venues, jewellery shopping, decoration, catering, honeymoon suite bookings and more.
- Personal loan for business expansion
You may be an entrepreneur and look to take your business to the next level, but may not do that due to the lack of funds. If you have a robust CIBIL Score and a clear repayment history, then you can apply for a personal loan India facility. You can use the loan money to pay for machinery, equipment, renting new premises, hiring new employees, opening franchises in new cities and more.
- Personal loan for home renovation
The personal loan for home renovation is designed by leading lenders to help customers use the loan money to renovate their homes. The amount could be used for undertaking home renovations and related activities like kitchen and bathroom remodelling, painting, electrical and plumbing works and more.
- Personal loan for medical emergencies
The cost of treatments in India is increasing. Hence, if you don’t have enough financial backup in the form of savings and insurances, it is not favourable. But why do you have to use the savings and assets to pay for medical bills? You can always apply for a personal loan for medical emergencies and pay all bills without issues.
- Personal loan for travel
You may be long-craving for going on that vacation to rejuvenate but may not have the required funds. Hence, you can always rely on personal loan for travel and use the loan amount to go on a vacation with your family.
- Consumer durable loan
It is one of the types of personal loan that is given by known NBFCs and other lenders to help you buy home appliances, gadgets and many more products. You can break the cost of your purchased products on affordable EMIs and pay over suitable tenors. Nowadays, financing companies are offering almost 100% finance for the purchase of household products like fridge, TVs, smartphones and more.
No matter what your requirement is, there is a rule opting for personal loan in India available with known finance companies that you can easily apply online.
Bajaj Finserv presents you with pre-approved offers on EMI finance, home loans, personal loans and more. Such deals intend to simplify your loan procedures and make it faster.
You can check out your pre-approved loan deals after submitting your basic details such as your name and mobile number.
