What is a Personal Loan, And What Are Its Different Types?

online personal loan

A personal loan is the most popular loan that almost every individual indulges in their lifetime. It does not require any security or collateral. You can take a personal loan with minimum documentation. You can go for both online personal loans and offline too. The amount that you procure from a personal loan can fund any legitimate financial needs. There are different types of personal loans. This loan comes with a wide variety of purposes. Some of the familiar and popular personal loans that you can indulge in include:

• Wedding loan

Weddings in India can be expensive. Hence, you can take up a marriage loan to carry on with the occasion with ease.

• Home renovation loan

You can provide a new look to your home with the home renovation loan. It helps you to handle all the costs of maintenance, redecoration and many more.

• Travel loan

Travel loans can help to provide funding for your vacation and expensive family trip abroad.

• Medical loan

In case of any urgent medical expenditure, you can apply for an emergency medical loan. It comes with a low-interest rate with instant approval.

• Debt consolidation loan

You can take an online personal loan to consolidate your existing debts. It can help you to manage the payment of your installments. The personal loan EMI calculator can also help you to calculate your repayments and compare them.

• Higher education loan

You might take a personal loan for your higher education. It can help you to have financial security if you want to study abroad. This type of loan would cover your travel, living expenses, tuition fee or even accommodation.

• Small personal loan

One might have the urgent need for money at any point or the other. Be it for your child’s education or to expand your business. If you need additional funds, you can always choose to have a small personal loan.

For hassle-free personal loans, you can apply online with leading lenders like Bajaj Finserv and get instant approval and receive funds in just 24 hours*.