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Popular types of personal loans in India

By Finserv MARKETS - Mar 4,2019
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Popular Types of Personal Loan

One doesn’t have to wait anymore to buy their dream car, take that much-awaited vacation or fulfil other personal needs. Today, even if you do not have enough savings, a personal loan can take care of all your needs and requirements. A personal loan can be availed from banks or non-banking financial institutions without mortgaging any collateral / financial asset. There’s no security or guarantor involved in a this type of a loan, which also makes it one of the most popular loan options available in the market. Personal loan can be borrowed for various purposes including wedding, renovation of your home, medical expenses and even to repay one’s credit card outstanding dues and debts, if any. However, a valid purpose needs to be defined for application of personal loan. The verification and approval process of personal loan is similar to other loan products. On submitting an application for personal loan, lenders will check borrower’s income and credit history. Thereafter, the lenders will evaluate whether the borrower has the capacity to repay future loans.

Before applying for a personal loan, one can compare interest rates and repayment plans offered by several banks. Some popular personal loans available in India have been listed below.

Wedding Loan

Your Wedding is the memorable event of your life and you wouldn’t want to compromise on anything. From pre-planning for the event to the D-day, there are numerous expenses including the trousseau selection, venue booking, catering costs and accommodation of guests. Hence, you have the option of applying for a marriage loan to manage all the wedding expenditure and stay stress-free. This is a very popular personal loan in India as weddings are expected to be extravagant and expensive.

Home Renovation Loan

Home Renovation Loan comes in handy when you have minor repairs or major home makeover in mind. You can even buy new furniture through this loan and make your space look as cosy or as grand as you want it to.

Festival Loan

Do not allow expenses to dampen the festive spirit in you and your loved ones. Avail a festival loan and celebrate the special occasion to your heart’s content.

Travel Loan

Holidays don’t have to be postponed for retirement. In fact, with a travel loan, you can travel to your favourite destination anytime and pay the travel bills after the vacation.

Top-Up Loan

An additional loan can be taken on your existing personal loan in emergency financial crises. Offered at a comparatively lower interest rate, top-loans are given only after you have been a policyholder for at least six to twelve months.

Consumer Durable Loan

Consumer goods including television, washing machine, refrigerator and other home appliances can be purchased on loan.

Signature Loan

A good credit score and history of a borrower provides assurance to the lender. The credit score itself can be used as a collateral to avail a Bajaj Finserv Personal loan. The signature of the borrower affirms that the loan will be repaid on time.

Agricultural loan

Instead of illegitimate money lenders, farmers can opt for agricultural loan through authentic banks and financial institutions. These loans are provided at a lower interest rate, and can be used to purchase land, cattle and machine tools for other agricultural activities as well.

Bridge Loan

Bridge loan can be used to clear off your existing loans and take the burden off your shoulders. These loans help you meet other short-term financial requirements as well.

Business Loan

Business loan can be used for starting a new business. These funds are also great for existing businesses planning to expand their operations.

To sum it up, you can avail the above mentioned loans as per your requirement. But, make sure you research and compare eligibility criteria, processing fees, interest rates, special offers for existing customers and prepayment options provided by multiple banks and non-banking financial institutions like Finserv MARKETS. Also, you must check your credit history to ensure a smooth approval of your personal loan.

So why wait? Head over to the Finserv MARKETS website and avail your Bajaj Finserv Personal Loan today!

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522