In India alone, personal loans are growing more popular each year. These types of loans are easily available, take less processing time, are unsecured in nature, and involve hassle-free documentation, so it's no surprise they are gaining traction among Indian borrowers. In fact, a personal loan is one of the simplest ways in which you can raise money when you most need it. The reason can be anything from funding a family holiday, paying off outstanding medical bills, or your wedding. It can sometimes feel like personal loans come as a one size fits all, with little to no customization for personal needs but that is not true.
Different individuals have different needs from their loan providers. Going for alternatives to the classic personal loan can come in handy as one of these five types can potentially be a better fit for your unique needs. When it comes to how to get a personal loan, there is no difference between the basic personal loan and these few variants. The differences are purely based on the purpose of these varieties of personal loans. They are as follows:
As per personal loan eligibility, you may have the option to borrow a massive amount that will be deposited all at once into your account. However, if you only end up using a fraction of this loan amount for your needs, you will be stuck paying interest on this huge amount nonetheless. In these situations, the personal overdraft type of loan can be a better fit for you. A personal overdraft is a facility with a cash-on-the-go approach. Using the overdraft facility allows one to make multiple withdrawals from a pre-decided loan amount.
The advantage is that one only pays interest on the amount withdrawn. On Finserv MARKETS you can opt for the Bajaj Finserv ‘Hybrid Flexi Personal Loan’ which works using the overdraft principle. With the Hybrid Flexi Personal Loan on Finserv MARKETS, you can meet your expenditures with the flexibility you need without having to worry about the excessive interest that comes with taking out a lump sum loan. You get unlimited withdrawals, no added costs, hassle-free applications, and flexible tenures only with Hybrid Flexi Personal loans available on Finserv MARKETS.
Education overseas takes a hefty toll on one’s finances. Whether you have decided to pursue a late higher education for yourself, or you wish to fund the college education of your children overseas, taking an education loan helps you during this time. Such personal loans are created for the purpose of funding Indian or overseas education for higher studies. You get benefits like a longer repayment tenure, minimal documentation, tax benefits, and quick disbursal with this type of loan.
It is often claimed that saving 20% of your salary is absolutely essential to meet emergency situations in the future. However, for some individuals, this amount could fall short depending upon the scale of the need. Suppose the situation is one of immediate hospitalization as a result of an accident. While personal loan eligibility is nothing to worry about when you are strapped for cash in this situation, the duration of the loan offered may not be viable. Lenders often provide personal loans for a minimum duration of 12 months, whereas you may simply need immediate funds for a one-time expenditure.
Here is where a medical loan enters the picture. The advance salary loan is a reliable and instantaneous option for those who are looking for immediate funding at low-interest rates for a brief duration. When it comes to the question of how to get a personal loan, medical loans are offered by many lenders including Finserv MARKETS and the procedure remains the same as a regular personal loan. Simply fill out your loan application online, upload necessary documents, and the amount will be disbursed to your account once approved.
Confused about how to get a personal loan for travelling? Travel loans exist for this exact purpose. The benefit of choosing a loan geared towards travel is that you have the benefit of getting additional covers such as booking tickets, hotels, tours, and other expenses. As per your needs, you may want a shorter or longer repayment structure. You can customize your travel loan to your needs based on the options offered by your loan provider.
Whenever you are looking to renovate an old property or refurbish your home, the funds required can be exorbitant. Luckily, there is a type of personal loan just for this purpose offered on Finserv MARKETS. Home renovation loans can not only help with covering the cost of repair and renovation but also offer flexible repayment tenures so you can repay your loan at your convenience. Based on your personal loan eligibility, you can choose a loan amount that fits your needs and simultaneously grow the value of your property in the real estate market by refurbishing it with the help of a home renovation loan.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition — Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.