What are the different types of personal loans in India?

personal loans have witnessed splendid growth starting from uncertain business to a positive space undertaken by renowned banks, and other private financial institutions including Money View, etc.

Money View, one of the leading prominent online financial institutions offers personal loans to serve a diverse range of purposes. Some of them are as follows:--

• Wedding loans: --- Wedding is an expensive and memorable event for an individual. Rather than withdrawing money from your personal savings account, it is always better to avail of a personal loan from credible and trustworthy sources like Money View. They offer personal loans at an attractive rate of interest (ROI) with flexible repayment tenure. Personal loans are indeed one of the best options to cover wedding expenses. A major highlight regarding this type of loan is that customizing options are available which are tailor-made for an applicant.

• Travel loan: ---- Travel loans are exclusively meant for those individuals who wish to go for a vacation abroad. You do have the option to raise funds for expensive family trips while paying the bills at a later stage. Another benefit regarding this type of loan is that travel insurance is included thereby ensuring optimal protection.

• Property renovation loan: ---- Nowadays, availing of a property renovation loan amongst the people is common. Quite a few people are not able to afford a huge amount to purchase real estate and ultimately end up compromising on various aspects to manage expenses. This type of loan features numerous benefits such as covering repairing and maintenance costs, procuring brand new materials, and managing the laborer's charge. By doing so, a property renovation loan helps in enhancing the value of a property in the real estate world.

• Medical loan: ----- This type of loan is applicable for the ones who do not possess insurance. They should consider applying for a medical emergency plan. The medical plan proves to be beneficial owing to its lower rate of interest and quick approval process.

• Secured loans: -- Secured loan is a type of installment loan which is supported by collateral security in the form of a vehicle, savings account, or real estate. If in case the borrower fails to repay the loan amount, the concerned lender does have the right to seize the entire property or similar assets to cover the remaining outstanding dues.

• Pension loan: ---- Pension loans are designed for retired people. As a result, standard eligibility requirements do not apply here. In this type of loan, financial institutions or banks offer a certain volume of cash in the form of pensions. However, applicants are supposed to submit pension proof. The pensioners are permitted to borrow funds to cover day-to-day expenses or for payment of medical bills.

• Debt consolidation loan: ---- This type of personal loan is meant to consolidate the existing debts into a single one while smoothly covering EMI. You may consider using a personal loan EMI calculator to examine and compare the repayments.

• Education Loan: --- Education loan is a quite popular loan amongst the students. Parents of kids apply for an education loan to pay tuition fees or pursue higher studies overseas.

• Festival Loan: --- Prominent lenders like Money View provide this type of loan to host parties and organize festivities.

• Consumer durable loan: -- It is a type of loan, which is meant to purchase household appliances.

• Smartphones and computers loan: --- Lenders offer this type of loan to those individuals who intend to purchase desktop PCs and mobile phones.

• Doctor Loan: --- It is yet another type of personal loan which is exclusively meant for doctors who wish to upgrade their existing workplace or set up a brand new clinic. Apart from that, they could utilize the loan to recruit staff and purchase medical equipment. 

In addition to the above mentioned, there are few other types of personal loans:

Teachers play a crucial role in the daily lives of students. Apart from imparting education, their role is to nurture, mentor, and develop a support system exclusively for students. We should be aware of the fact that teachers have additional responsibility by taking care of their family including children.

At times, they too face financial crisis, and to assist them in covering extra overheads, personal loans for teachers are provided by Money View. Applicants may take advantage of the personal loan eligibility calculator available on the official website of Money View.

Benefits of Personal Loan:

In this section, we discuss some of the potential benefits and features of a personal loan. Have a look at a few of them:

• The documentation process is quick and easy. Applicants are supposed to furnish relevant supporting documents like ID proof, monthly income statement proof, and the latest passport size photo.
• Money View offers personal loans at an attractive rate of interest with flexible repayment tenure.
• Applicants do have the option to check their eligibility requirements using an online eligibility calculator. It is available on the official website of Money View.

Eligibility requirements for a salaried professional

• The minimum age to avail of a personal loan is twenty-one years and the maximum age is about sixty years.
• Applicants should have at least two years of working experience in the current workplace and earn a monthly salary of twenty-five thousand.

 

Eligibility requirements for self-employed individuals

• According to the personal loan eligibility checker, the minimum age required for a self-employed individual and business people is twenty-five and sixty-five years respectively.
• Applicants are required to submit monthly income proof and lucrative business operations for the past two years. 

Conclusion

Money View is indeed one of the established financial institutions acknowledged for disbursing personal loans at an attractive rate of interest with flexible repayment tenure. Moreover, the company is also acclaimed because of the quick and easy online documentation process.