Types of Personal Loan in India

A Personal Loan is an unsecured loan that you can avail for any of your personal needs. These loans are particularly helpful when you need a higher amount of money to fulfill your personal needs such as for wedding, travel, home renovation or medical emergency. Since these loans are unsecured loans, you need to pledge any collateral as security. With advancements in technology, most banks/NBFCs provide Personal loans online, which can be availed instantly through minimal documentation.

Here are the different types of Personal Loans, which are designed as per the need.

Wedding Loan

With the help of a Wedding Loan, you can pay for all your wedding expenses and make it the most special day of your life. You can cover the expenses of venue booking, catering, accommodation etc. hassle-free with a Wedding Loan. Since a wedding is an important event, you can get loans at competitive interest rates.

Home Renovation Loan

Planning to renovate your home and make it lively? Then go for a Home Renovation Loan. Using the amount, you can get your home refurbished, buy new furniture, have it whitewashed and completely decked up. You do not have to provide any security for availing this loan. Apply for this loan and give your home a complete makeover.

Travel Loan

Now who doesn’t love travelling! But sometimes lack of funds plays a spoilsport and we just keep dreaming of the visit to our favorite destination. With a Travel Loan, set aside your travel burdens like flight ticket charges, hotel and booking charges, shopping and food expenses and head to your favorite destination.

Pension Loan

This loan is applicable for people who have retired from their job. The borrower can borrow a loan amount which is at least 7 to 10 times of the pension so as to fund their needs. You can apply for this loan from the same bank from which you draw your pension.

Personal Loan for Pensioners is applicable for people who have retired from their job. The borrower can borrow a loan amount which is at least 7 to 10 times of the pension so as to fund their needs.

Education Loan

With a personal loan for higher education, you can finance your requirements such as college fee, cost of books and accommodation, tuition fee, travel, etc.

Personal Loan Eligibility Criteria

For Salaried Individuals:

  • Your age must be between 21-60 years.

  • Must have a minimum work experience of 2 years.

  • Your monthly earnings must be at least Rs. 7,500 to Rs. 15,000

For Self Employed Professionals & Businessman:

  • Your age must be between 25-65 years.

  • You must have 2-3 years of business vintage.

  • Minimum Annual Income must be at least Rs.1 lakh

Please note that the personal loan eligibility criteria can vary from lender to lender.

Documents Required for Personal Loan

  • Identity Proof (Passport/PAN Card/Driving License/Voters ID/Aadhaar Card)

  • Proof of Residence (Passport/Ration Card/Aadhaar Card/Utility Bill/Voter ID)

  • Bank Statement for the last 3 months (for salaried applicant)

  • Income Tax Returns for the last 2 years (for self-employed applicant)

  • Passport size photographs

Personal Loan Interest rates and fees

Avail a personal loan with enjoy complete transparency. There are no hidden charges at all. We offer personal loans with low fees, competitive interest rates and nominal charges. You can know more about personal loan interest rates and charges at Finserv MARKETS.

FAQs of Different Types of Personal Loan

  • ✔️What are the different types of personal loans available in India?

    The different types of Personal Loans available in India are:

    • Wedding loan

    • Travel loan

    • Home renovation loan

    • Top-up loan

    • Pension loan

    • Festival loan

  • ✔️How can I find the right personal loan that suits my needs?

    By carrying out a thorough research and comparing the loan offers and interest rates of various banks and NBFCs, you can find the right personal loan that suits your needs.

  • ✔️Is it wise to take a personal loan for a wedding?

    Weddings require a lot of money for venue booking, catering, etc. Hence, you can opt for a personal loan for a wedding to fund your requirements.

  • ✔️What type of personal loan is easier to obtain?

    All kinds of personal loans are easier to obtain provided you fulfill the eligibility criteria and have necessary documents to apply for a personal loan.

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