Finding the Right Loan Scheme for your Needs - Loan Trivia


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Monday 30 October 2017

Finding the Right Loan Scheme for your Needs

How to Get a Small-Business Loan in 5 Steps - NerdWallet
Loans are of many types and they have been specifically designed to fulfill the unique financial needs of individuals with varying sources of income. Every personal loan scheme introduced by a financial institution serves a specific purpose for a specific group of individuals. For example- the financial needs of a salaried individual is different from the financial needs of a self-employed individual. Hence, the loans meant for them will be different.

Given below is a list of popular loan options and their utilities-

Personal Loans:

Personal loans are unsecured loans generally meant for salaried individuals having a good CIBIL score and a solid repayment history. These loans can be availed for home renovations, education, wedding, medical emergencies and travelling.

Home Loans:

As apparent from the name, these loans are used to finance the purchase of any residential property. Depending on the income of the applicant, these loans range from about Rs 30 lakhs to Rs 10 crores.

Professional Loans:

Working professionals like chartered accountants, doctors, and engineers can avail professional loans for a multitude of reasons. These are unsecured loans which do not require any collateral; however, working professionals can also avail collateralize loans like loans against property.

Professional loans can be availed for an expansion or upgrade of services or for adding to the existing office/clinic infrastructure.

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