Even though we may often hear philosophical adages like “money is not everything” or “money can’t buy happiness”, the fact of the matter is that the entire world is run on money. It plays an important role in determining your lifestyle and gives you access to life necessities. Sometimes in life, we need money for things other than every-day expenses. In such times, you can rely on banks like HDFC Bank, ICICI, Axis Bank, SBI and others to offer you money in return for small rates of interest, which means you, can apply for a personal loan.
What is a personal loan?
Simply put, a personal loan is an unsecured loan which means you do not need the backing for any collateral to procure a loan. Such a loan can be used for funding all your immediate and near future needs, from buying a new cell-phone to home appliances or repairs. Personal loans are usually obtained by people who need immediate funds.
Eligibility and application
Since you do not have to provide any collateral against this loan, you can be eligible for such loans depending upon factors such as your salary, credit history, the amount you borrow etc. Instant personal loans can be sanctioned in minutes and many banks have provisions for you to apply for the loan online. All you need is basic documentation such as address proof, identity proof, salary slips etc. Once your loan is disbursed you can repay the amount in monthly instalments as per the defined loan amount, tenure and rate of applicable interest. Usually, a personal loan can be repaid in 12-60 months.
Types of personal loans available in India
Festival loans: Festive loans are usually provided during the peak festive seasons with very low interest rates. Festival loans are short-term loans and are fantastic for people who need to avail a very small amount of money on loan. However, you must repay the loan in a period of up to 12 months. You can obtain a festival loan for as low as ₹5,000.
Consumer durable loans: You can avail loans to purchase consumer durables like televisions, laptops, refrigerators etc. Depending upon the bank from which you borrow this personal loan you may or may not have to give collateral. You can avail a loan of an amount from ₹5,000 to ₹200,000 that must be repaid in a maximum period of 60 months.
Wedding loans: Weddings cost a lot of money and wedding loans can be acquired to meet several majorexpenses like venue booking, catering services, jewellery and clothing shopping, decorations etc. You may however have to pay 10%-20% interest and can repay the loan in 60 months.
Holiday loans: If you wish to travel within or outside the country, you can also apply for a holiday loan. The loan amount sanctioned depends upon your financial conditions and travel purpose. Holiday loans are instant personal loans which allow you manage your travel bills while your savings remain unaffected.
What is a personal loan?
Simply put, a personal loan is an unsecured loan which means you do not need the backing for any collateral to procure a loan. Such a loan can be used for funding all your immediate and near future needs, from buying a new cell-phone to home appliances or repairs. Personal loans are usually obtained by people who need immediate funds.
Eligibility and application
Since you do not have to provide any collateral against this loan, you can be eligible for such loans depending upon factors such as your salary, credit history, the amount you borrow etc. Instant personal loans can be sanctioned in minutes and many banks have provisions for you to apply for the loan online. All you need is basic documentation such as address proof, identity proof, salary slips etc. Once your loan is disbursed you can repay the amount in monthly instalments as per the defined loan amount, tenure and rate of applicable interest. Usually, a personal loan can be repaid in 12-60 months.
Types of personal loans available in India
Festival loans: Festive loans are usually provided during the peak festive seasons with very low interest rates. Festival loans are short-term loans and are fantastic for people who need to avail a very small amount of money on loan. However, you must repay the loan in a period of up to 12 months. You can obtain a festival loan for as low as ₹5,000.
Consumer durable loans: You can avail loans to purchase consumer durables like televisions, laptops, refrigerators etc. Depending upon the bank from which you borrow this personal loan you may or may not have to give collateral. You can avail a loan of an amount from ₹5,000 to ₹200,000 that must be repaid in a maximum period of 60 months.
Wedding loans: Weddings cost a lot of money and wedding loans can be acquired to meet several majorexpenses like venue booking, catering services, jewellery and clothing shopping, decorations etc. You may however have to pay 10%-20% interest and can repay the loan in 60 months.
Holiday loans: If you wish to travel within or outside the country, you can also apply for a holiday loan. The loan amount sanctioned depends upon your financial conditions and travel purpose. Holiday loans are instant personal loans which allow you manage your travel bills while your savings remain unaffected.
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