The Ultimate Guide to Personal Loans
personal loan - their types, benefits, eligibility criteria, and loan application process. There are various types of personal loans, 5 of which are mentioned below: 1. Secured and Unsecured Loans: Secured loans require collateral (e.g., property, savings), while unsecured loans don't.
2. Small Personal Loan: Small personal loans are unsecured loans offered by financial institutions for smaller ticket-sized products. This loan has no restrictions on usage and could be used for purchasing products on EMI.
For example, iPhone on EMI. 3. Short-term Personal Loan: A Short-term personal loan typically has a 1 to 2-year repayment period.
They are used to resolve any urgent financial issue. Furthermore, you can use it for small and/or big-ticket expenses. 4. Personal Loan for Travel: This personal loan is collateral-free and helps you cover all your travel expenses, from transportation to accommodation.
5. Personal Loan for Medical Emergencies: A personal loan for a medical emergency is a type of medical loan that is taken to tackle unforeseen expenses due to a sudden medical contingency. You can avail of this loan to pay medical and hospital costs.
1. Versatility: These funds can be used for multiple purposes, such as covering medical expenses, renovating a home, financing higher education, etc. 2. No Collateral Required: Unsecured personal loans don't need collateral, so you get the necessary funds without pledging any security.
It helps you to keep full possession of your assets and borrow money online without any hassles. 3. Flexible Repayment Schedule: Paying back your loan should be convenient; some financial institutions let you choose your repayment window.
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