Different types of Personal Loan you should consider!

personal loan in Gurgaon

A personal loan can save you in any unfortunate situation by supporting your finances. There are many types of loans for different purposes. Depending on your requirements, you can find various personal loans with additional costs, features, and tenures. Generally, people get loans from non-banking financial companies and banks. A personal loan finance company offers loans for purchasing a car, paying medical bills, and other major expenses. However, they only grant these loans against collateral. For example, you can get a car loan by marking your car as collateral.

  • Vacation Loan

It is also known as a travel loan. People usually get this loan when planning a vacation. With this loan, you can save on your travel expenses by putting a strain on your monthly budget. If you are traveling abroad, getting a vacation loan is the right choice as it is available at a lower interest rate.

  • Consumer Durable Loan

Many finance agencies provide this loan to their customers for purchasing durable items like refrigerators, laptops, phones, furniture, and washing machines. This type of personal loan in Gurgaon is usually available at a zero-cost EMI, so customers can buy less expensive things without paying extra.

  • Wedding Loan

Many people benefit from this loan as it helps two families get together. You probably know about wedding expenses, such as venue costs, catering, decorations, and jewelry. You should avoid taking out wedding loans during the peak wedding season as they have the highest interest rates.

  • Medical Emergency Loan

In an unfortunate event, you can get a medical emergency loan when you don’t have enough money to pay the medical expense. This instant personal loan in Gurgaon allows you to borrow up to  25 lakhs for an extended tenure of 5 to 6 years.

  • Festival Loan

This personal loan has a low limit, an interest rate, and processing fees. You will usually find this type of loan around festival season. You can get this loan for various purposes, like shopping for festivals. This loan also comes with multiple offers and deals.

  • Agriculture Loan

Usually, farmers request agriculture loans to continue their agriculture practice. The agriculture loans are available at a lower interest rate and with a flexible repayment term, so farmers can easily return the borrowed funds. You can also get a personal loan in Gurgaon for a business start-up without collateral.

  • Loan for Higher Education

Generally, education loans are granted against collateral such as your real estate property or degree. However, you can also get an unsecured education loan without collateral to pay your tuition fees and other needs. The maximum fund amount for an education loan is ₹ 20 lakhs.

  • Pension Loan

This loan is for retired individuals as it helps them pay for their everyday needs, medical bills, and nursing fees. This loan is only for retired individuals who get a pension, so regular eligibility criteria for other loans do not apply. The loan amount for this personal loan is usually 7 to 10 times the amount of individual pension they get each month.

  • Top-up Loan

You can take this loan from the same lender if you need more funds for your previous purpose. The personal loan finance company only grants this loan to their customers with a regular repayment record.

  • Home Renovation Loan

Many banks and finance agencies grant you a home renovation loan with a fund amount of between  2 lakhs and  40 lakhs and a repayment tenor of up to 30 years. You can get this loan to buy a new house or repair your old one that needs urgent repairs.

  • Short Term Personal Loan (STPL)

You can get a loan for a minimum amount of 1000 with a term of several days to a few months. The personal loan finance company approved this loan in a short period.

  • Loan for Debt Consolidation

You can get this loan to pay off your existing loan. However, the interest rate for a debt consolidation loan is higher than a regular personal loan. Many NBFCs and financial institutes grant this loan with a fund amount of up to  25 lakhs.

Conclusion

Identify your loan requirements and check your eligibility calculator when looking for a personal loan. Learn the procedure and eligibility for applying and getting your loan approved to avoid a hassle in the future. Apply for a Personal Loan in Gurgaon from a trusted finance company to get fast loan approval.

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