Types of personal loans for various needs

holiday loan

A vacation loan is also called a travel loan. So whether you’re an avid traveler or getting ready to leave for your honeymoon, travel loans are the way to go. It pays for all your travel-related expenses including purchase of air tickets, local transportation, accommodation, travel insurance, outdoor activities, visa fees, tour guides, meals And much more. You can avail of this instant personal loan without touching your monthly budget or depleting your savings. While credit cards can also do the work for you, a vacation loan provides quick access to cash at a low interest rate.

Wedding loan

In India, weddings are considered incredibly important events. Naturally, they come with a massive list of expenses. It is here that availing a personal loan for weddings can help families deal with the enormous strain of wedding finances. All costs related to your wedding are covered by this loan, including food, venue reservations, photography, makeup, hiring event planners, finding the perfect jewelry and wedding dress , etc. The best part of this loan is that it can be customized according to the borrower’s individual needs.

Education loan

Worried about paying your child’s tuition or sending them to college? A student loan is the one you should opt for without any worries. This type of personal loan has been around for decades and allows you to meet all academic expenses without a second thought. An education loan can be obtained by a borrower to cover higher education costs for himself or his family members.

Home renovation loan

Home loans are very common and are usually used when buying real estate or renovating houses. A home improvement loan can help you repair and renovate, as well as cover the cost of maintaining your home without depleting your savings. It covers all expenses, including buying new furniture, painting, renovating the kitchen or bathroom, buying new appliances, etc.

Medical loan

What do you do when there’s a medical emergency at home or you don’t have enough funds to pay your medical bills? Enter a medical emergency loan that provides instant approval and help in medical emergencies. They are also useful when your insurance limit is insufficient to cover your expenses.

retirement loan

Looking to apply for a personal loan for pensions? Pension loans are generally used by retired employees. There is no eligibility criteria to take out this loan. For this type of personal loan, some banks provide several times the pension that retirees would have received in the month preceding the filing of the loan application.

Sustainable Consumer Loan

As inflation soars, the prices of goods also rise. With a durable consumer loan, you can easily purchase any durable consumer good such as a refrigerator, television, telephone, washing machine, microwave, etc. The purchase price is divided into EMIs, which can be redeemed over a chosen period. While others may not, however, some products may require a down payment while others may not. Be aware that banks also offer free EMIs on consumer durable loans.

Now that you know the different types of personal loans, make sure you use them accordingly without eating into your personal savings.

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