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What are the different types of personal loans in India?

The unsecured loans where the financial institutions provide you with funds as per your creditworthiness without any involvement of security against the amount are personal loans. The interest rate charged on the personal loans is generally higher as compared to the secured ones due to the amount of risk involved in the process. These are quite popular and have expanded tremendously in the market during recent years. Lenders like Money View and other financial institutions offer various types of personal loans for facilitating the borrowers at times of need. These can be accounted for the personal use of the client.

Explaining the different types of personal loans

  • Personal loans for weddings: Being the most important event in India, weddings accompany a long list of expenses. At the time of the wedding, certain fund requirements generate knowingly or unknowingly. So, a few moneylenders and financial institutions offer marriage loans for the purpose of helping individuals to make their day memorable and stress-free in terms of fund availability. These can even be customized as per the requirements of the client.
  • Travel loan: This type of loan, also known as vacation or holiday loan is a chance for the people who are in the fashion of exploring the world. Under such types of loans, institutions facilitate the client to move around the world and pay the bills later with the help of the former. This type of personal loan has an additional benefit of travel insurance to give full proof protection to the client.
  • Home renovation loans: Renovation of homes is an expensive task, and many times one ends up postponing the same due to lack of funds. Identifying the needs and desires of their customers, Money View offers home improvement loans up to 5 lakhs in 24 hours if you meet the loan eligibility criteria.In the real estate market, home renovation loans have a high economic value as it help to maintain the quality of the houses and thus, end boosting up the value of the house.
  • Pension loan scheme: This type of loan scheme is usually designed for retired customers. Under such types, financial institutions or banks allow a certain percentage of the amount of pension to be drawn every month in accordance with that mentioned in the loan application. As per the scheme, pension proof is mandatory to be submitted with the institution. The funds can also be borrowed for the payment of medical bills or daily expenditures, etc.
  • Education loans: Under this loan, the parents are required to sign up the application for availing education loans for the kids who you are supposed to pay them back as per the conditions of the clause. The education loans may opt for college studies, fees, any academic requirement like going abroad for higher studies, etc.
  • Emergency loan: Financial emergencies can strike at any time and it is important to have quick access to monetary assistance. Personal loan schemes help to tackle such situations by allowing the repayment at your own terms.

Then there are certain other specific categories of loans provided as festive loans, durable consumer loans, computer, and mobile loans, etc. that make survival in the metropolitan cities easy and convenient. Personal loans are normally designed according to the day-to-day needs and requirements of common people. The personal loans can be approved instantly with the minimum documentation, provided eligibility criteria are met perfectly. Money View offers total hassle-free approvals that are quick and easy. Money view offers you a loan even if you have a low credit score. Different types of loans have different interest rates, just like the secured loan carries a low rate of interest as compared to the unsecured loans.

Money View even offers you loans and their easy disbursals instantly anywhere in India. The quick eligibility check, easy EMI online calculator, minimum documentation, etc., makes it the best choice in the market.

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