भारत में वैयक्तिक ऋण के प्रकार

Loans fulfil quick cash requirements and are thus anyone’s best financial friend in times of need. With skyrocketing prices and limited income, it's hard to save from your earnings or make short-term financial investments. So, where do you find funds when you need them immediately? Several types of personal loans are first partner of choice for emergencies and money management mantras for smart spenders. Taking loans are not a bad habit if you can repay timely in disciplined manner.

Types of Personal Loans in India

Personal loan are the most convenient financial backups offering the confidence you need in emergencies filling the immediate cash crunch with the flexibility of returning at your convenience. Banks, non-banking financial organizations and private money lenders are ready to finance various types of personal loans when you want extra money for a better life. But just as James Grant, the American financial wise owl remarked, “If loans are expanding too quickly, the lending officers have probably been saying ‘yes’ too frequently,” so ensure that you choose a dependable source when taking loans. That way, your debts won’t exceed repayment capacity. This article encapsulates different personal loan types and what to expect from each.

Pre-approved Personal Loan

When you need immediate cash, choose a dependable lender that fosters accountable borrowers. Your pre-approved personal loan is disbursed in a day and is preferred over credit cards. You can loan a higher amount with a low-interest rate. Choose from personal loan types if you have a good CIBIL score. These types of personal loans allow the borrower to get an unconditional loan without mortgaging or pledging any asset, making them expensive. Entrepreneurs treat this as a stopgap for raising funds to meet urgent financial needs. Personal loans auto debit equated monthly instalments (EMI) from your bank account. These are short-span loans with subjective repayment terms.

Medical loan

Among personal loan types, is the medical loan, a financial backup for any medical emergency like hospitalization, medicine, surgery and other expensive medical treatment. This loan like other types of personal loans do not require collateral and thus has high-interest rates and repayment through EMIs linked to bank account. This loan is a lifesaver in your most trying times.

Personal Loan for Home Renovation

In Bank of Baroda, there is a dedicated product namely “ Baroda Home Improvement Loan ” which fulfils the requirement of existing Home Loan borrowers for repairing / renovation of their dwelling unit. However, Bank also provides Personal Loan for shorter period ranges from 12 months to 84 months for any purpose other than speculation.

Personal Loan for Travel /Vacation

Holidays break the monotony of mundane life, but at times, failing funds stop this indulgence. Why not choose a travel loan? Travel loans falls under types of personal loans that help you to cover your vacation expenses like tickets, hotel, food and other expenses and even sightseeing. This loan is available as any personal loan type for both domestic and international travel. With a high-interest rate be mindful of the finer details that this personal loan type includes. This is an instant approval loan scoring higher than credit cards.

Personal Loan for Marriage

Weddings can be extravagantly expensive. You want to gift your children or yourself a memorable occasion. To ensure that you can meet the expenses you might need a marriage loan. A marriage loan is among the ideal personal loan types for planning dream weddings. From jewellery to a lavish event, a marriage loan will take care of every spend. The personal loan for marriage follows the same criteria as any other types of personal loans in India. The minimum age for taking this loan is from 21 -23 years and the maximum from 58 -65 years. The loan amount is subject to minimum net income. Personal loan for wedding serves the purpose of wedding anniversaries too.

Personal Loan for Debt Consolidation

Personal Loan for Debt Consolidation is an easy way to pay off loans you may have missed. Medical, travel, house building, credit card debts or other unpaid loans are grouped, and a consolidated sum is fixed for repayment. This personal loan type prevents paying multiple EMIs, failing one of which will affect your CIBIL score. Debt consolidation personal loans are similar to other types of personal loans.

The Bottom Line

Personal loans have a tempting choice of options to spoil you. These attractive and easy personal loan types urge you to avail them. However, before you go ahead with a personal loan, ask yourself why you need one, can you handle the repayment amount timely and smoothly? Make sure you have all the documents required for personal loan. Check your credit score, weigh the pros and cons and above all choose a dependable source like The Bank of Baroda to ensure that your loan repayment is hassle-free and well managed. After all, how you manage your finances determines your lifestyle. So, get smart and manage your loans well.