5 Personal Loans You Are Unaware of!

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 demand among people and increasing inflation, more and more people are availing Personal Loans. The ease of application without collateral, lesser documentation, instant approval, and quick disbursement are some of the major reasons behind this sudden growth.

However, in spite of this growth, many people are still not aware of the various forms of Personal Loans. Based on its usage, Personal Loans can be classified into five categories. Do you want to know which these types are? Read on to know:

5 Personal Loan Types You Might Not Have Heard About

Here’s the list of five Personal Loan types based on the purposes you avail it for:

• 1.  Wedding Loan: 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 a 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.
• 2.  Consumer Durable Loan: Is the newly launched iPhone 10 on your must-buy list? Do you need the latest air-conditioner to cope with soaring temperatures? 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.
• 3.  Holiday Loan: Who doesn’t have a wanderlust? Travelling rejuvenates us and brings 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 favourite destination without worrying about your budget.
• 4.  Festival Loan: 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.
• 5.  Home Renovation Loan: 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.