10 Types Of Personal Loan You Didn’t Know!

Personal loans are one of the best financial tools that can help you raise funds in time for an emergency. This can be for paying emergency medical bills, expensive purchase or even to get married. Personal loans have an easy application process, quick approval and minimum documentation, which makes sure that you get the funds required quickly. It must be shocking to some that there are many different types of loans you can choose from travelling to business.

Bridge Loan

This a type of loan which meets short term requirements and is take to pay off other bigger loans during stressful situations. The tenure of these loans can stand around one year.

Festival Loan

Festival loan is a short term loan offered to take care of festival expenses, which requires a small amount of money as festivals are the time where people go short on money. These loans are borrowed and have lower limits and lower interest rates.

Wedding Loan

As the name suggests, it is a type of loan which helps couples deal with the pressure of wedding finances. This loan can help you pay for expenses like hotel booking, Jewellery shopping, decorations, etc. It has a higher rate of interest, especially during the wedding season.

Signature Loan

Signature Loan is a type of loan where you need to need to have a good credit score to be offered. Signature loan is given just by taking your signature, which acts as a surety where you pay the loan amount without any delay.

Top-up Loan

This loan is taken when there is an emergency regarding funds. This loan has tenure of 6-12 months and has a low rate of interest, which includes tax benefits to workout and easy way to handle the issue in difficult times.

Holiday Loan

If you are looking for a travel and do not want to strain your savings, you can opt for holiday loans which are the kind of loan which makes funds available on a lower rate of interest and the amount of the loan depends on your credit score.

Agricultural Loan

This loan is offered to farmers to help them perform agricultural activities. The rate of interest for this loan is very low and also encourages the farmer to be more productive.

Consumer Durable Loan

This is a customized personal loan that banks offer to purchase durable items like home appliances and gadgets. Banks generally offer 100% of the finances to help you buy these items.

Home Renovation Loan

This loan can help you finance your home’s repairs from the leaky ceiling to reflooring. This loans help you with your savings as well as ensuring that the rate of interest does not require you to pay extra in the form of taxes.

Overdraft Loan

This type of loan has you covered during the worst phase, where you run out of money. The rate of interest for this much higher and you only have to pay interest for the money you spent.

Are You Looking For Straightforward and Affordable Personal Loans?