Different Types Personal Loans in India
Money is always the most important role in human life. The desire to satisfy personal needs come to the
minds of everyone, but for this offer is not always possible. But in a country like India, which can not be
a barrier to reunite with his family and desires. Because there are hundreds of banks and other financial
institutions in the country that offer loans for personal reasons. These types of loans are known as
personal loans. India is one of the top positions in terms of providing this type of loan.
Personal loans are simply those that retail loans are fixed for the satisfaction of personal needs and
expenses of individuals (potential borrowers). Personal loans in India is mainly used in five main
categories. Although the loan amount and interest rates vary from bank to bank, but to offer these loans
are the same. Apart from personal use, if someone has the desire to create his own company and the
Indian banks do not hesitate to give the company start-up loans. Here we will discuss about these types
of loans.
Wear-Book Loans - These loans are provided for the purchase of consumer durables such as television,
music, washing machines and so on. This is one of the original loans, which are offered to Indian banks
to attract more people. This category of personal loan, you get the amount ranges from Rs.10, 000 to
Rs.1, 00000 However, there are many banks, which offers a minimum Rs.5, 000 and a maximum of Rs.2,
00000 of this loan. The banks offer this loan up to once every 5 years.
Festival Loans: - This form of personal loans are provided to help people meet their personal and family
want during the time of the festival. Normally, the major banks in India, Christmas loan at cheaper or
discounted. This is the best loans for people who want to use a small amount of loan. In this category of
loans, making banks give a minimum of Rs.5.000 and you can get a maximum of Rs.50, 000 during this
type of loan. But the festival loan is limited to 12 months. The refund must be made in equated monthly
installments (EMI). Interest on this loan varies from bank to bank.
Wedding Loans: - Nowadays this type of personal loan is less and less popular among the people in
urban and rural areas. The loan amount depends on several factors such as age of the Collateral to the
applicant of the applicant (if the loan guarantee), the applicant's repayment ability, etc. According to the
marriage of the loan interest rate depends on market conditions at the time in which the loan is paid.
Retirement Loans: - There are several banks in India dealing with the elderly over well. For this reason,
people who quit their jobs may be eligible for personal loans. This type of loan is called a loan for
retirement. Under this type of loan, banks offer the maximum is 7 to 10 times the amount received the
year's pension.
Personal Computer Loans: - In this age of information revolution, with a computer is becoming almost a
necessity. There are several Indian banks that offer loans that meet the wishes of the people. In this
category of loans to Rs.1, 00,000 of this amount can be borrowed. Banks also provide loans for the
purchase of separate software and can be up to an amount of Rs.20, 000 Interest will be charged the
prime rate and there are some banks that extra 2% of the loan amount.
So from the above discussion, one thing is perfectly clear that no matter what your purpose is and when
you need to meet your financial burdens, Indian banks are always ready to spread their hands to help
you.
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