The year 2018 saw a sharp increase of 26.9% in personal loans and the popularity of the same can be accredited to the various features and benefits extended on such loans by leading financers. Being unsecured loans, individuals do not need to pledge any security or collateral to avail it. Also, the fact that there are no end-use restrictions associated with such a loan enables borrowers to use it to meet an array of financial requirements. Notably, depending on the financial requirement, borrowers can avail the varied types of loans offered under the bracket of such personal loans.
To elaborate, the following offers a fair idea of the different types –
1. Personal loans for medical expenses
In the event of a medical emergency, individuals who do not have substantial financial support can avail a personal loan to meet their medical expenses. It is one of the most popular credit options for emergencies as it extends substantial funds within a short period, vital for sudden healthcare requirements. Typically, in case of such types of loan, the sum borrowed is disbursed to the applicants’ account within 24 hours after verification.
2. Personal loan for travel
Personal loan for travel is among the most popular types of personal loans for individuals who want to fund their dream holiday or a luxurious family vacation. The substantial credit extended under this loan option can sufficiently help meet all related expenses including flight tickets, hotel bookings, on-trip expenses, etc.
3. Personal loans for funding higher education
The cost of pursuing higher studies in abroad is sky-rocketing but so is the demand for the same. These types of loan play a significant role in making it possible for both aspiring students and hopeful parents to meet such expenses. Borrowers can make the most of such loans and finance higher studies in a hassle-free manner by simply meeting the eligibility criteria set forth by their choice of financial institution. Regardless, they can check their eligibility beforehand by using a reliable personal eligibility calculator.
4. Personal loans for weddings
Destination wedding or theme wedding has emerged as a popular trend in recent years. For instance, as per the latest reports in 2020, the destination wedding industry is expected to grow into an Rs.45,000 crore industry. Individuals who intend to plan a grand wedding but tend to run short at the forefront of finances usually avail a personal loan for a wedding. It not only helps them meet expenses for the arrangements but further helps them plan their dream wedding uninterruptedly.
5. Personal loans for home renovation
This particular type of personal loan in India is useful for individuals who require funding to refurnish or renovate their homes. Also, individuals may avail a home renovation loan to redecorate their home and pay for the necessary expenses.
Some leading financial institutions like Bajaj Finserv extend substantial credits at flexible loan tenors of up to 60 months and help borrowers effectively repay with ease.
They also provide pre-approved offers on various financial products including personal loans as well as on business loans, home loans, loans against property, etc. These offers make availing these financial products quicker and easier for borrowers by simplifying the application process. You can check your pre-approved offers within a few seconds by simply providing basic details like your name and contact information.
Individuals also avail personal loans for debt consolidation to streamline the management of EMIs and payment of existing debts effectively.
Nevertheless, it must be noted that a good CIBIL score can help avail a personal loan at the most competitive interest rates. Borrowers should take into account their CIBIL score and loan eligibility before applying for any of these types of loan. Refer to a leading lender with a CIBIL score around or above 750 to successfully avail a persona loan at the most beneficial loan terms and features.
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