What is a Personal Loan and How many types are there

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In this article, you will know what is a personal loan, and this information will tell you. If you are also thinking of taking a personal loan for any of your work, then before that know it and also know its interest rate i.e. how much interest is charged on a personal loan.

In today’s time, there are many types and options of loans available in banks. If you want to know the types of loans, then how many types of loans are there, you can open this article and read it in 2 minutes. However, not all loans may be for you as different types of loans are given for different purposes.

That is to say, if you want to build a house, then the home loan is given for that, similarly separate loan for business, separate for car, also for education, it depends on your needs that you For which work to take a loan?

In short, loan types include gold loans, business loans, home loans, loans against fixed deposits, Flexi, etc. In the same way, there is also a personal loan, but what is its detail has been explained in detail.

Before knowing the personal loan information, let us tell you that if you are thinking of taking a loan quickly and easily, then you can get the loan approved within a day with the help of gold kept in your house.

For this, you can take information about Rupeek Gold Loan, through this company you can get a loan easily. Apart from this, there are other companies and banks such as Muthoot Finance, Manappuram, State Bank of India, HDFC, ICICI Bank, Bandhan Bank, Axis Bank, etc. Available with the help of which you can take a loan against your gold instantly.

What is Personal Loan?

A loan taken for personal work for any pan personal or personal work such as wedding expenses, education, travel, any kind of medical expenses, etc. is called a personal loan. A personal loan is an unsecured loan as there is no need to show any kind of proof or any property as security to get it.

It is very easy to get a personal loan, as only a few documents such as a PAN card, ID proof such as Aadhar card, passport, or driving license are required to get it.

Apart from this, passport size photograph, your property documents, electricity bill (for residence proof), latest 6 months bank statement, and last 3 months’ salary slip (for income proof) are required. Apart from this, some other documents may be required, it depends from bank to bank, what kind of document they want.

It is very easy to take a personal loan and no guarantor is required to get it, rather the personal loan is released immediately after looking at your previous credit score and CIBIL score.

If your CIBIL score is above 750 and you have any source of income i.e. you do any job or any business, then given this you get an instant personal loan.

What are the types of personal loans?

There are many types of personal loans, they keep on increasing and decreasing from time to time. Some banks’ loans may vary, depending on the bank’s scheme.

We are telling below some types of personal loans which are most popular and most the people apply for these personal loans.

  • Wedding Loan (for wedding expenses)
  • travel loan
  • home renovation loan
  • pension loan
  • medical loan
  • Education Loan
  • agriculture loan
  • overdraft loan
  • Top-up loan amount
  • And so on

Wedding Loan

A wedding loan is a personal loan that is taken for any expenses related to the wedding. If you are thinking of getting married or a member of your household is about to get married and you have budget constraints, then you can apply for this loan.

You get this loan from 3 months to 72 months and in this, you get 1000 to 25 lakh rupees.

Travel Loan

If you travel anywhere and you are short of money, then you can apply for a travel ie vacation (holiday) loan under a Personal Loan to overcome that shortfall.

A maximum amount of 40 lakhs is available in the personal loan available for travel and it is also available immediately. In this, some small documents are required, an ID proof (Aadhaar card), PAN card, address proof, and some additional documents.

Home Renovation Loan

If you have got a house built and have to do any kind of renovation or renovation in that house or you have to do some additional construction in your house then you can get a personal loan called Home Renovation.

In-Home Renovation Loan, you get an amount ranging from Rs 2 lakh to Rs 40 lakh from the bank, it depends on the bank to bank, and how much loan amount they provide you. Apart from this, the maximum time to repay the loan is available up to 30 years.

Pension Loan

If you have retired from any job and you already get a pension but due to some reason you have to take a loan then you can apply for Pension Personal Loan.

Let us tell you that you get a pension loan from 7 to 10 times which means you can get a pension loan up to a maximum of 10 times the pension you are already getting.

Medical Personal Loan

Sometimes you do not have health insurance, in which case a medical personal loan comes in handy. You can get a medical loan instantly in case of any medical emergency.

Education Loan

This is one such personal loan that can be easily availed. Higher education personal loans can be taken to deal with the hurdles faced during education.

This loan can be used for your coaching fees, college fees, studies abroad, etc. You have to take your parents along to apply for this loan.

Agriculture Personal Loan

If you are a farmer and do farming then this agriculture loan is made for you only. With the help of this loan, you can buy agricultural equipment. The interest rate on this agriculture loan is also low.

What is an overdraft loan?

When the balance in your account becomes zero and even after that you have to make any kind of payment then you can apply for an overdraft loan.

Overdraft personal loan comes in handy in case of emergency because when the money in your account runs out completely, an overdraft loan is given only so that your work does not stop.

What is the top-up loan amount?

This is not a type of personal loan but it is like a top-up loan amount already taken. That is, if you are falling short of the money received in the loan due to some reason, then you can top up the loan amount. You can top up the loan from the same company or bank which has given you a personal loan.

Conclusion:

What is a personal loan and what are the types of personal loans, its information is complete. Although there are other types of personal loans, the main personal loans used are given above. If you have any questions then you can ask by commenting below.

I hope you liked the information related to Personal Loans Thanks

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