Borrowing money from banks or any other financial institution for personal use is usually called a Personal Loan. These loans can be availed for a variety of uses including – vacation, marriage, paying for any personal expense, buying any gadget, or other purposes.
With growing demands of people and increasing inflation, more and more people are availing Personal Loans. The ease of application without collateral, lesser documentation, and instant approval, quick disbursement are some of the major reasons behind this sudden growth.
However, in spite of this growth, many people are still not aware about the various forms of Personal Loans. Based on its usage, Personal Loans can be classified into five categories. Do you want to know which are these types? Read on to know:
Here’s the list of five Personal Loan types based on the purposes you avail it for:
Are you planning a big fat Indian marriage or a destination wedding? If yes, you will need a big amount of money. To fund the wedding of your dreams without exhausting all your savings, you can avail a Wedding Loan, also known as Marriage Loan. These loans can be availed and used to manage all your wedding-related expenses, including venue charges, catering, shopping, gifting, decoration, hiring a wedding planner, etc.
Is the newly launched iPhone10 in your must-buy-list? Do you need the latest air-conditioner to cope up with soaring temperature? Are you looking to buy the latest washing machine with inbuilt dryer? You can buy all of these on an easy repayment plan. How? With Consumer Durable Loans you can make all such big-ticket purchases and pay back in affordable monthly instalments.
Who doesn’t have a wanderlust? Travelling rejuvenates us and bring us back to life. However, going on a vacation needs funds, isn’t it? You don’t need to save for a dream vacation anymore. Take a holiday loan or Vacation Loan and take a break from your mundane life and go on a vacation to your favorite destination without worrying about your budget.
Read more: Soothe Your Wanderlust with Holiday Loans
The trail of festivals has already started in India! People start planning for celebration days before the festival dates. For example, you might have already started home renovation and decoration, sweets purchase, buying new clothes, jewellery, gadgets, and gifts for yourself and your loved ones for Diwali celebrations. If your budget is becoming a hurdle in your festive celebrations planning, you can apply for a Festival Loan to pay for all festive expenses in affordable EMIs.
Home Renovation Loan can be availed to renovate or repair your home without affecting your pocket immediately. You can use this form of Personal Loan for painting, repairing, modifying, or buying furniture for your home.
The above types of Personal Loans can solve your many worries by giving you access to immediate funding when in need. If you are searching for low interest Personal Loans you can talk to our Personal Loan Specialists who can help you get a perfect deal. You can also apply for Personal Loans online through mymoneymantra, a leading online lending platform in India.
Call us toll-free at 18001034004 for affordable and instant Personal Loans.