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5 Types of Personal Loan to Fund Your Short Term Needs

Updated on: 14 Dec 2021 // 17 min read // Personal Loans
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If you have been looking forward to making a big-ticket purchase, but haven’t been able to save just enough, Personal Loans Online can often come in handy! After all what better than an unsecured credit such as the ICICI Bank Personal Loan that gets approved with a few hours, and helps you gain access to the necessary funds in as less as 3-5 days. And that’s not all. This is one of the only credit tools that give you the freedom to use the loan amount in whichever way you deem fit. That being said, did you know this loan requires minimal documentation is available in as many as five distinct variants! Well, if you didn’t, you are in for a pleasant surprise.

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Types of Personal Loans

1. Festival Loans

As an Indian, you must be well-known to the fact that our nation is essentially a land of festivals. Some of these special occasions carry extreme significance and often prove to be quite expensive due to the full range of the festivities involved. One of the best ways to enjoy these fun-filled days to the fullest is by opting for a quick Personal Loan. To ensure your festive fervour remains intact, most lenders offer this short-term loan at comparatively lower interest rates, with minimal processing charges.

2. Wedding Loans

Indian weddings have always been known for their exquisite jewellery, large gatherings, lavish spread of food, and week-long celebrations. This grandeur doesn’t come cheap, and often needs to be funded through wedding loans. These loans are relatively easy to procure, considering you have a steady source of income and a good credit history to offer. If you are willing to take this short-term loan, it may prove to be in your interest to apply for it during the off-season as you may get the funds at a discounted interest rate.

3. Holiday Loans

Who doesn’t like a good getaway every once in a while! After all, in the fast-paced modern lives that we lead today, the only quality we get with our loved ones, is when we are on vacation. If you wish to set foot on a sojourn, an excellent way to meet the expenses of the same is through a travel loan also known as holiday loan. Usually approved and disbursed in about 24 hours, the amount for this loan ranges from Rs. 50,000 to a whopping Rs. 25 Lakhs, which depends on your repayment ability.

4. NRI Personal Loan

This is a type of Personal Loan that many patrons are unaware of. Non-Resident Indians, who need to bear certain expenses in India, such as the purchase of new property, renovation or maintenance and upkeep of owned property and purchase of jewellery, amongst other costs can now apply for an NRI Personal Loan. This loan which is usually offered at an interest rate upwards of 15% can be taken for a maximum of 3 years.

5. Top Up Loan

In case you are already servicing an ICICI Bank Personal Loan or a Personal Loan from any other lender, and find yourself in need of some additional money, a top-up credit is your best bet. This can be easily combined with your existing loan, and will evidently be offered at a competitive rate, without the need for documentation, making it even quicker than most personal loans already are!

Now that you know all the leading types of Personal Loans available with online lenders as well as traditional banking institutions, we hope that you will make an informed decision regarding the one you should opt for when it comes to meeting your specific financial goals! However, before you do so, make sure you only take the loan if you are in absolute need of the same, and not just because it is readily available. After all, no credit is always better than easy credit.

Also Read: Changing Trend of Personal Loans in India

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

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