Managing planned and unplanned financial requirements is challenging today, given rising inflation. Typically, you may consider borrowing money from loved ones to meet your financial requirements. While this may seem convenient, it puts the goodwill of your relationships at stake. Furthermore, your financial requirements may sometimes go beyond anyone’s financial capacity. This leaves you wondering how you will meet your requirements.
Applying for a Personal Loan is a simple way to meet all your planned and unplanned financial requirements. Leading banks let you borrow up to Rs. 40 lakh at a competitive interest based on your eligibility. You can repay the borrowed amount in Equated Monthly Instalments over a tenure without struggling or feeling burdened. Since a Personal Loan is a versatile financing option, it can be classified into various types.
The core features of each type remain the same. Only the purpose of usage differs. Let us understand the different types of Personal Loans in India:
Personal Loan for Medical Emergency
Being in the grip of a medical emergency or seeing a loved one suffering can be devasting. You would want them to heal and recover as soon as possible. This may require them to get hospitalised and undergo extensive medical procedures. This indicates you need a significant amount to facilitate your loved one’s treatment. In such a medical emergency, a Personal Loan can be handy. As mentioned, it lets you borrow a lump sum amount based on your eligibility.
Moreover, upon approval, the bank disburses the Loan amount quickly, ensuring that your loved ones receive the necessary medical treatment without any unnecessary delays.
Personal Loan for Travel
Suppose your father has worked tirelessly to provide you the best he can. His 60th birthday is coming in a few months, and he deeply desires to watch a cricket match at the world-famous Lords Stadium in London. You would want to fulfil this desire for him. However, you may be hesitant about finances. Here, Personal Loans have your back.
As mentioned, you can repay the Loan amount in EMIs at a competitive Personal Loan interest rate over a tenure. This ensures you fulfil your father’s desire without jeopardising your affordability.
Personal Loan for Weddings
Your wedding is a special occasion. You may have pictured how you would like your wedding to be. Since inflation is touching the sky, your dream wedding may cost you significantly. However, you would want to spend the amount since your wedding is a once-in-a-lifetime occasion. Here, you can consider applying for a Personal Loan. It ensures you have the required amount to realise your dream.
Note that these are only a few of the many types of Personal Loans. Visit the bank’s website to find out about all types.
