Nowadays surviving with our own salary money sometimes sounds to be a bit difficult so we may get into the rush of taking loans. Here in this article, we are going to discuss the 13 best types of Personal Loans.
Along with this, we will become emergency sometimes, or in some cases, we may have a shortage of money for doing any good thing in the family in that case we will remember we need to take some loans from the bank.
Here comes the problem because we actually don’t know the what are different kinds of available in the back, and also this urgency makes us take a loan as soon as possible without thinking which back will lower interest what are different kinds of loans available.
But Now in this blog, we are going to some of the important types of personal loans.
Before going to take the personal loan from any kind of we need to understand the term personal loan.
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What is Personal Loans ?
In simple words, personal loans are the loan taken by any individual for their personal use and he/she has to pay them back to the bank with interest usually the term will be around 18 to 34 months.
when it comes to defining the types of personal loans it will become a bit difficult for me because different banks provide different kinds of loans somehow I will manage to cover them one by one in detail.
1] Personal Loans for wedding
These personal loans are taken on behalf of the marriage.
Some banks will keep security or collateral and some are not.
In most cases, the person who is taking the loan should be the salaried person they usually deduct the loan from the person company where he/she works.
2] Personal loans for Travel
These personal loans are taken to cover the travel expenses.
Some banks will keep security or collateral and some are not.
In most cases, the person who is taking the loan should be the salaried person they usually deduct the loan from the person company where he/she works.
Some banks will keep an age limit on this which will be between 21 to 60.
3] Emergency personal loan
These personal loans are taken in an emergency situation which may includes collegee fees paying, hospital, etc.
In most cases, the person who is taking the loan should be the salaried person they usually deduct the loan from the person company where he/she works.
Some banks make them to show the salary payment slips of previous two months.
4] Debt Consolidation Loan
These are the loans when you get a fresh loan to repay the existing debts or liabilities.
Some banks will keep security or collateral and some are not.
In most cases, the person who is taking the loan should be the salaried person they usually deduct the loan from the person company where he/she works.
These personal loans are taken on behalf of the home construction or improvements.
Some banks will keep security or collateral and some are not.
In most cases, the person who is taking the loan should be the salaried person they usually deduct the loan from the person company where he/she works.
Some banks will keep an age limit on this which will be between 21 to 60.
6] Personal Loans for Students
This loan will be usually issued for the students for the education perpuse
Banks usually ask the student about identity proof, address proof, bank statement etc.
7] Personal Loans for Teachers
These personal loans are given mainly to the teachers.
Some banks will keep security or collateral and some are not.
In most cases, the person who is taking the loan should be the salaried person they usually deduct the loan from the person’s school/college where he/she works.
Some banks will keep an age limit on this which will be between 21 to 60.
8] Personal Loan for Women
These personal loans are given only for women.
Some banks will keep security or collateral and some are not.
In most cases, the person who is taking the loan should be the salaried person they usually deduct the loan from the person’s company where he/she works.
Some banks will keep an age limit on this which will be between 21 to 60.
Banks usually ask the student about identity proof, address proof, bank statement etc.
These personal loans are given to salaried peoples.
Some banks will keep security or collateral and some are not.
In most cases, the person who is taking the loan should be the salaried person they usually deduct the loan from the person company where he/she works.
Some banks will keep an age limit on this which will be between 21 to 60.
10] Personal Loans for Government Employees
These personal loans are given to the government employees
Some banks will keep security or collateral and some are not.
Some banks will keep an age limit on this which will be between 21 to 60.
11] Top Up Personal Loans
Usually, these kinds of personal loans are given by the financial institutions where the person allowed to borrow a certain amount of money from them.
But the thing is the rate of interest for this kind of person is bit higher when compared to other personla loan
12] Fresh Funding
These kinds of loan will be usually taken by the business or start up people.
With capital investment promoting the business is not possible at this time fresh funding will come into picture
13] Personal Loans Balance Transfer
This is the best way when it comes to saving some interest on a personal loan. In this, you usually pay off the existing loan to the new loan which has a low interest when compared to the existing loan.
But however, you need to pay the charges which are applied on the balance transfer.
