Types of unsecured loans you can avail in India - Loan Trivia


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Thursday 13 January 2022

Types of unsecured loans you can avail in India


The popularity of unsecured loans is on the rise in India, with rise of 3.8 times in volume from the year 2017 to the financial year of 2021. Due to this high demand, consumers of these unsecured loans should educate themselves to make prudent decisions. Understanding what an unsecured loan is basic information.

One of the most commonly used factors to distinguish this kind of loan is the utility factor. Let's look at a few types of loans using the utility factor.

Types of unsecured loans based on utilization

1. A loan for education

An education loan is one of the most popular types of unsecured loans in India. Typically, such personal loans are obtained by parents or guardians of talented students to cover the exorbitant higher education expenditures in India. In addition, if a parent meets all of the qualifying requirements, a personal loan may be used to support their children's study abroad. Bajaj Finserv offers low-interest rates for school loans and ensures that the disbursement is rapid.

2. Loan for weddings

The opulence of Indian wedding festivities means that costs may be rather high. During such times, people often depend on rapid unsecured loans from popular lenders like Bajaj Finserv to cover their costs. People use personal wedding loans to cover a wedding ceremony's expenditures, such as venue rent, cuisine, and decorations, among other things. Bajaj Finserv makes this process easy by allowing one to borrow money online.

3. A loan for home remodeling

While a housing credit may be used to purchase land or a home, it is necessary to use a specialized house improvement loan. Whether remodeling or fully revamping an apartment, these expenditures may add up quickly. As a result, the ability to borrow money online for such activities might assist ease the financial burden on the property owner.

4. Loan for a vacation

Many people like traveling, but the costs of doing so frequently prohibit them from visiting the places, they love. Knowing all about a personal loan for travel will help alleviate these limits, enabling you to travel not only in India but also worldwide. Borrowers may use Bajaj Finserv Personal Loan to purchase plane tickets, book hotels, and pay for other vacation-related expenditures.

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