Types of personal loans

In India, personal loans are very important and most opted for when in need. The needs are generally basic when a person applies for a personal loan. Usually, salaried employees and self-employed professionals are the ones who go for and are eligible for a personal loan.

Sometimes, despite managing your finances neatly there are certain situations in which you may need extra money. In such times personal loans are the perfect option based on the types and requirements of an individual.

But do we know the types of personal loans offered in India?

Let us find out the types of personal loans offered in India and the ones you can ask for at 99creds.

Types of Personal loans:

Personal loans are unsecured forms of credit to meet the immediate requirements of individuals. At 99creds we offer personal loans without collateral securities and with minimal documentation or procedures. The approval process for a personal loan is generally quick and easy based on the transparency maintained by the customers.

We have some best banks affiliated with us which provide personal loans with lower interest rates in India.

They offer a personal loan based on individual requirements such as:

  1. Travel loan

  2. Loan to cover wedding cost

  3. Home renovation loan


Travel Loans:                   

Another type of loan for travel enthusiasts in India is Travel Loan. After the pandemic hit and during the lockdown period a lot of people missed the fun of traveling within the country as well as outside the country.

Now that the restrictions are removed and the world has embraced each other with open arms globally, the tourism industry is trying to rise all over again after a big break. This has made it more important for travelers to visit various places and support economies.

To support tourism in the country and even before the pandemic Indian banks under the guidelines of RBI offered travel loans for tourists who wanted to visit places and enjoy but couldn’t do so due to a shortage of funds. You can avail of Travel loans with family or if you are a solo traveler you can just go get yourself some money to spend on yourself happily!

Loan to cover marriage expenses:

This is another important type of personal loan in India which is being opted for for years by Indians. In India marriage is indeed a very expensive business and it is not in your hands when to decide when it will happen. Despite all the planning and savings sometimes life takes you by surprise and contingencies happen.

So, in such times when you are short of savings for marriage in India, you can always go for personal loans. A personal loan helps you cover your marriage expenses even if it becomes a little extravaganza to your budget. So, if you are planning to get married both the bride as well as the groom can opt for a personal loan for a wedding.

Home renovation loan

A personal loan for home renovation can be the best source to cover the cost of your repairs that are in excess of your budget. While repairing and renovating your house there are numerous expenses such as plumbing, furniture, painting, interior designing, electrical expenses, etc. Such expenses can become reasons for budget crises. With the growing construction industry and excessive demand for raw materials and labor, these expenses have reached the peak of all and make them unaffordable to us with the savings we have.

Thus, considering a personal loan for renovation can definitely be a better option as compared to any other source of credit.

Summing up all the types mentioned above you can always ask for a loan to meet your urgent basic requirements and help yourself get the loan based on the type.

If you want to know more about personal loan types, interest and other details related to it offered at 99creds visit our website’s loan section or contact us through the details thereby provided.