Know about various types of Personal Loan available in India

 

This term is used for a loan not secured by collateral, such as real estate, stocks, bonds, or other assets. The borrower does not have to pay back the entire loan amount in one lump sum; instead, the repayment term will vary depending on interest rates and other terms of the loan agreement. A personal loan calculator is a valuable tool for those trying to determine how much they would pay in interest throughout their loan.

 

Types of personal loans in India

The following are types of personal loans available in India.

• Higher education loan: Many people would like to take up higher education but find it challenging to do so because they cannot afford it. Many banks offer these loans, which help students ease their burden by making it easier to attend college or university.

• Wedding loan: Wedding loans are the perfect option for couples who cannot get enough funds for their wedding.

• Travel loan: Holiday loans are specifically designed for holiday travelers and give you the option to use them for a trip. They help to pay your bills while you're abroad, so you get protection from travel insurance as well.

• Home renovation loan: Many people want to renovate their homes; however, they don't have enough money or do not consider renovation expenses highly enough. With a home renovation loan, you can finance the cost of upgrades and renovations with the bonus of future income from rental property/investment property. 

You can borrow money online from the bank portals. A personal loan calculator will be a helpful tool in case you opt for a personal loan. Figuring out the interest in a personal loan calculator will give you an idea about the repayment process. 

Conclusion

Personal Loans are a type of loan that offers you the flexibility to decide how much, on what date, and at what interest rate you will repay. You may also choose if your repayment is quick & easy as a lump sum or stretched out over time. In terms of flexibility, it's hard to beat a personal loan. 

Read Also: 7 Factors to Consider Before Availing a Wedding Loan