What are the different types of a personal loan? Which one is best for your needs?A personal loan is one type of credit-based product that can be used to support different financial purposes. The past year has seen tremendous growth in personal loans due to the financial crisis that many have been facing due to the Covid19 lockdown. Financial companies in India have created different types of loans to suit different financial needs:
Wedding Loan: A wedding is an extravagant affair that involves multiple expenses. Pre-wedding, during the wedding and post-wedding expenditure everything can be taken care of through personal loans. Any last-minute expense can also be managed through wedding loans.
Home Renovation Loan: Urgent home repairs and renovation work incur a considerable amount of expense. These can be covered with a personal loan for home renovation. Refurbish your home with easy personal loans and do not ignore areas that require urgent fixing.
Education Loan: A lot of savings is required for higher education or studying in a foreign university. Taking an education loan will ease off the burden and help you with the desired loan amount to complete your academic levels.
Festival Loan: This is a new add on to the personal loan variety. Major festivals like Diwali, Christmas, new year etc. involve celebration and gifting expenses. If your salary is delayed during the festival or the guest list is long, you can always turn to a festival loan for financial support.
Medical Emergency Loan: This is one situation where urgent cash is required. A medical emergency is unavoidable, and finance must be arranged in a stipulated time. Instead of relying on a relative or a friend, raise the funds independently through the medical emergency loan. Whether it is an expensive medication, major surgery, or hospitalisation expense, these can be managed through medical emergency loans.
Consumer Durable Loan: There are many latest electronic gadgets and appliances available in stores and online platforms. These are expensive products that can be bought on EMIs via consumer durable loans. DSLR camera, Apple iPhone, smartwatch, kitchen chimney, food processor etc.
Personal loans are available both on short term and long-term basis. If you require a limited loan amount, short term personal loans can be availed easily within 24hours. Instant personal loan apps have simplified the personal loan applications online.
Simply Cash is an instant personal loan app powered by HeroFinCorp, a financial giant in India. It is a secured loan app available for download only on the Google Play store. In few simple steps, loan approval and disbursal are done using a smartphone. Salaried and self-employed borrowers between the age group of 21 to 58years can apply for a personal loan at Simply Cash.