A personal loan can be used for several kinds of purposes based on the requirements of the customers. The term personal loan is nothing but a credit that can be provided by considering the creditworthiness of the customers. You people should not provide any security measures for this kind of loan.

This means you are going to avail the funds from the banks for handling your emergency expenses such as children’s education, marriage or some other things and repay it back within a short duration. A personal loan is a lower risk loan and it can be provided to the people who are all having a good credit score. Now you are going to some of the types of personal loan plays a vital role in the market.

Different Types Of Personal Loans In India 

Nowadays, more and more banks and financial institutions have been available in the market for fulfilling the requirements of the customers by providing personal loans. Some of the banks are there for issuing the customized loan as per your needs. Most of the people have been preferred the short-term loans for handling their immediate needs and repay it quickly. Let see the list of personal loans available in India.

Wedding – weddings are quite expensive in this country. The amount required for the party, marriage, and venue can be crossed your budget range easily. If you want to make your situation simple, then avail the personal loan offered by the bank at a minimal interest rate. Wedding loans can be provided for the groom or bride as well as for the family members on either side.

Loans For Home Renovation – Normally, the personal loans are available for purchasing the property but the banks can also provide the loan amount for renovating your home. It can be highly preferred by a wide range of people to cover repair and some other renovation costs. For the people who are looking for “I need personal loan” have to use the chance offered by the banks to renovate your home.

Festivals – Some of the banks in the market can provide personal loans for celebrating the festivals in a good manner. Avail these small loans and prepare yourself for the festivities and it will also help you to host the parties.

Appliances – Consumer durable loan has been offered for the people who are all looking for the way to purchase the white goods or some of the appliances such as fridge, washing machine, TV, etc.

Pension – Pensioners can be allowed to borrow seven to ten times of their pension amount as loans for managing a wide variety of expenses such as paying for a wedding, regular expenses or medical bills.

Eligibility Criteria For Buying Personal Loans 

The eligibility criteria established by the banks can be varied from one another and some of them are mentioned below:

• The customer should crossed at least 21 years old
• The applicant should have 2 years of working experience in any field and crossed one year at the current organization.
• The customers should have not crossed the age limit of 60 years.
• The minimum income of the applicant is Rs. 7,500 per month and a maximum of Rs. 15,000 per month.

Hope you have understood the different types of personal loans offered by the banks in India. Thus, these are all the important qualities have to be satisfied for borrowing the loan.