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Different Types of Personal Loans in India
You must be wondering about the soaring popularity of personal loans in India in recent times. It has become the most preferred choice of financing by the middle-class population in the country. It is no longer an elaborate affair to avail a personal loan. Many non-banking financial institutions and private lenders have opened the door of personal finance for people with different earning classes. They have covered a huge market segment with competitive interest rates and simple lending criteria. Nowadays, you can avail an instant loan without a perfect CIBIL score. NBFCs offer several types of personal loans that cater to a wide group of people. Personal loans ease the financial burden of an individual and give a sense of relief at crucial times.
In the event of an immediate fund requirement, an individual can apply for a personal loan with minimal documentation. Whether a person is living in India or an NRI, personal loans are available for everyone. However, there is an upper cap on the personal loan amount that can be availed by NRIs. Several factors affect the personal loan eligibility of a person, like the source of income, existing debt, credit score, and age. All these factors have a cumulative impact on the amount that will be approved by the lender and the interest rate. Let’s see the types of personal loans available in India:
Medical Emergency Loan
A medical emergency knocks on the door without warning and can leave you in a financial crunch. Medicine bills, hospitalization charges, and other medical expenses can mount up very quickly. A medical emergency personal loan saves a person from succumbing to financial pressure. This fund is usually utilized for managing unexpected medical expenses. With an emergency fund from Muthoot Finance, you can manage your medical expenses without spending your investment or saving amount.
Debt Consolidation Personal Loan
Everyday expenses can lead you to a vicious cycle of paying the minimum amount on your credit cards that mounts up to be a huge amount in the future. A debt consolidation personal loan is an amount used to pay off the debt of a higher amount. This is a collateral-free loan that can help you avoid heavy interest charges on credit cards and other loan amounts. Many NBFCs provide secured as well as unsecured personal loans for debt consolidation.
Home Renovation Loan
A home renovation loan is a type of personal loan that is used for renovating your property or buying a new home. It is the most common type of personal loan taken out by people. Most people push home renovation due to a lack of funding. After all, modern home fixtures, accessories, and construction can cost you a lot. A home loan allows you to make your dream home without compromising on anything.
Every parent wants their child to get the best education. However, higher education is quite expensive. A personal loan for education helps a child to pursue a career and build a strong future. Many NBFCs offer education loans at affordable interest rates and easy documentation. Now, a child can dream big about the future and avail an education loan. This loan can be utilized to pay the tuition fee, library fee, and other academic expenses. This type of personal loan can also be used to pay for an additional degree.
Do you want to explore the world and fulfil your travel goals? A travel loan gives you the financial support to travel to your long-desired destination. This loan amount can be used for booking travel tickets, hotel rooms, or activity planning. Using the funds, you can stay at your preferred place and plan your travel itinerary as per your desire.
The best part about travel loans is the ease of loan application. You can check your personal loan eligibility criteria from the eligibility calculator. After qualifying the eligibility criteria, submit your income proof, KYC verification, and a few other documents to get an instant loan disbursal.
The big fat Indian wedding comes with elaborate expenses. A wedding loan helps you pay for all the wedding expenses, from the caterer to venue, everything can be sorted out at once. Many lenders keep competitive rates of interest for personal loans. You can use an interest rate calculator to compare the interest rates of different lenders.Muthoot Finance offers personal loans at competitive interest rates. We understand the financial needs of our customers and provide them with the best solution for their financial needs. We also provide customization options to suit customers' requirements. Some of the benefits of getting a personal loan with Muthoot Finance are quick application processing, easy documentation, and quick loan disbursal. A person can use the personal loan EMI calculator to know the monthly instalment and apply for a loan amount accordingly. It is very convenient to apply for the loan, the person can visit the nearest Muthoot Finance branch or opt for the online application process. It’s time you ease your financial responsibility by getting a personal loan at competitive interest rates.