Different Types of Personal Loans in India

Funds always plays the main role in human lives. The need to fulfill personal needs come to every person’s mind but affording for that is never possible. But in a country like India, that won’t be able to be a barrier to fulfill your along with your family’s desires. Because, there are hundreds of banks and other financial organizations near your vicinity who provide loans for private reasons. These sorts of loans are known as personal loans. India is situating on one of the top positions in conditions of providing these kind of loans. websites

Personal lending options are merely those retail lending options that are provided for the purpose of fulfillment of private needs and expenditures of people (prospective loan borrowers). The individual loans in India generally are provided under five major categories. Even though the loan amount and the rate of interest range from bank to standard bank, nevertheless the purposes of providing these loans are same. Apart from the personal purposes, if someone own the desire to build his own business then also the Indian banking companies always welcome by providing the business start-up lending options. Here, we will discuss about these sorts of loans.

Consumer Durable Lending options: – These sorts of loans are being provided for purchasing consumer durable products like television, music system, washing machines etc. These are one of the first kind of lending options that are provided by the Indian banks to attract more and more people towards them. Beneath this category of private loan, you will get an amount which range from Rs. 10, 000 to Rs. 1, 00, 000. Nevertheless there are several banking companies which provides a lowest amount of Rs. 5, 000 and the maximum amount of Rs. 2, 00, 000 under this loan. Banks provide this loan for more a time period of 5 years.

Festival Loans: – These kinds of personal loan is provided to help clients to fulfill their personal and family’s desire during the festival time. Generally, leading banks of India provide this loan on the festive season at cheaper or discounted rate. This is the best type of loan for folks that want to avail a tiny amount of loan. Under this category of loan, banks do provide an minimum amount of Rs. 5. 000 and you will get an maximum amount of Rs. 50, 500 under this type of loan. But the event loan is restricted up to a year. Repayment is to be done by equated monthly installments (EMI). The rate appealing on this loan varies from bank to bank.

Matrimony Loans: – Nowadays, this type of private loan is equally getting popular among the people of urban and rural industries. The money amount will depend on various factors including age group of the applicant, security pledged by the consumer (if secured loan), repayment capacity of the customer etc. Under the marital life loan, the rate of interest is governed by the prevailing market rate at the time when the loan is given.

Pension Loans: – Right now there are several banks in India which manage the old aged people as well. That’s why the people with retired from their jobs can also be able to avail personal lending options. This kind of loan is called a Pension loan. Below this kind of loan, the banks give you the maximum amount which is about 7 to 10 times of the amount which has been received as the previous pension.

Personal Computer Lending options: – In this time of Information technology innovation, having an owned computer almost becomes a need. There are lots of Indian banks which offer loans that match that desires of people. Under this category of loan, up to Rs. 1, 00, 000 of amount can be obtained. Banks also provide distinct loan for purchasing of software and that can be provided up to an amount of Rs. 20, 000. The rate of interest is being charged according to excellent lending rate and there are some banks who charge extra 2% on the loan amount.