3 Types of Personal Loans Offers You Can Avail

Personal loans are offered by non-banking financial companies (NBFCs), banks, and credit unions to meet individual needs and emergencies. An instant pre-approved loan is one of the fastest and most convenient ways to raise funds for expensive purchases, medical emergencies, marriage, home renovation, etc.

A pre-approved personal loan offer is a preferred option because of the simplicity of the application process, quick approval, and minimal documentation.

Here are three types of personal loan offers you can choose from:

Wedding loan:

This loan is designed to help couples and families deal with the pressures of wedding finances by providing them with a loan. You may use this loan for various purposes like catering, guest accommodations, venue costs, jewelry, decoration, etc. However, these loans usually have higher interest rates during the peak wedding season compared to the off-season.

Vacation loan:

This type of loan is right for you if you plan a vacation and want to cover your travel expenses without draining your savings. While a credit card can also do the job for you, a holiday loan may be more convenient and an easier way to get the funds you need for your holiday plans, and that too at a lower interest rate.

Agricultural loan:

Various types of personal loans are offered to farmers that help them purchase tools, equipment, raw materials, and other items related to their farming activities. There is a very low-interest rate for this type of loan, which encourages farmers to increase their productivity and earn more by enhancing their efficiency.

Listed below are other Types of Personal Loans You Can Choose:

Home renovation loan:

It is a fact that time and lifestyle are changing, and your home should change as well. A home improvement loan can help finance your home’s repair and renovation expenses.

In other words, if you have been planning to fix that leaky ceiling or if you want to refinish your wooden floor, this loan can help you do so without having to compromise on your savings.

Medical loan:

A medical loan can help you overcome unplanned medical expenses. Since these loans are usually available during an emergency, the application process and the disbursal time are quick so that you can meet your urgent expenditures in time.

Features of a Personal Loan offers Provided by Various Banks:

Various lenders offer attractive interest rates on personal loans for sums ranging from Rs. 20,000 to Rs. 25 lakh with tenures ranging from 12 months to 60 months to their customers. Some crucial personal loan features are listed below:

Repayment flexibility:

You can choose the tenor of your loan. You can also calculate the equated monthly installments using the online EMI calculator.

While using the online EMI calculator, you can choose a tenure ranging from 12 to 60 months to determine your most convenient repayment schedule.

Personal loan eligibility calculator:

Using the personal loan eligibility calculator, customers can check if they are eligible for a personal loan within a few seconds.

Quick disbursement of funds:

As soon as your personal loan application has been processed and sanctioned, the funds will be disbursed within 24 hours, ensuring your funds are available in case of an emergency such as medical expenses.

Online personal loan application:

Customers can easily apply for a personal loan through an online service, which is quick, easy to understand, and requires only a few essential documents for approval.

Transfer existing Loan:

Customers can also transfer the high-cost personal loan from one lender to another, offering low-interest rates on personal loans. In addition, they can obtain top-up funds to add to the loan during the same period.

Online facility:

Many lenders provide online services to make your borrowing experience as efficient and convenient as possible.

Part-prepayment option:

There is the option of part prepaying your personal loan if you have received some extra funds.

Doorstep financing:

Some banks or financial institutions provide doorstep services to make your borrowing experience more convenient. While accepting an instant pre-approved loan or applying for a personal loan offer, a representative will come to your house or office to help you complete the application process and assist you with the documentation requirement.