Different Types of Personal Loans in India

Different Types of Personal Loans in India

Our dreams are safely tucked in the corner of our hearts. While the lucky ones turn their goals into reality, the rest of them worry about their finances. To overcome your economic concerns, personal loans have been introduced. With a personal loan, you can effortlessly fulfill all your life goals like purchasing a new car, getting your daughter married, and so forth. The money borrowed from these loans can be put to use in the best possible way to accomplish your aspirations.

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Loans are of two types. A secured loan requires you to keep collateral whereas an unsecured loan does not require you to keep any collateral. A personal loan is an unsecured loan, which you can avail to meet your financial needs. Personal loans in India are the most flexible type of loans, which can help you come out of a financial crunch or meet certain expenses. An online personal loan is the most convenient way to get access to the much-needed funds in times of need or emergency. A personal loan does not have a restriction on its usage. You can avail it for any purpose, which is the reason that there are many types of personal loans in India.

Since personal loans are designed for the betterment of their customers, it is put to use based on the needs and preferences. There are multiple ways of utilizing the borrowings earned from personal loan. Take a look below at a few of the unique ways of using personal loan smartly:

1. Get a Personal Loan to Plan a Dream Wedding

Indian weddings are extravagant and over the top. To sum it up, they are a costly affairs. There are too many things to prepare for and all of it requires spending a good chunk of your finances to plan the wedding of your dreams. There is no denying that every individual dreams of throwing a lavish wedding. For that, people spend years of hard work to match the budget. However, savings solely cannot suffice if you wish for an extravagant wedding. A majority of people opt for a personal loan to fulfill their dream of a fancy wedding. When you take a wedding loan, you can ease out the finances. You can enjoy the memorable event and forget about the financial stress.

A personal loan for wedding ensures that all the resources are managed by the loan provider by providing you with a grand ceremony.

2. Personal Loan for Vehicle Purchase or Expenses

Personal Loan for Vehicle Purchase or Expenses

Purchasing a vehicle can be a big expense. You need to spend a good amount of money. You might think of using your savings but there are car loans and two wheeler loans available, which can help you with the purchase. Whether you are buying your first car or getting a used one, there are loans available for both.
Similarly a two wheeler loan is a type of personal loan which you can avail to buy a two wheeler. It can be a scooter or a bike. A two wheeler gives you the ultimate freedom to commute as per your choice. You can avail a two wheeler loan and get yourself a swanky bike.

The rapidly growing car market has led to an increase in demand for cars and two wheelers. Owning a vehicle has become a basic necessity. However, the money that goes into purchasing a car is humungous. Along with this the vehicles maintenance or any traffic fines can be heavy on the pockets. While savings exhaust easily, you can think of availing personal loans. When you apply for a personal loan online, you receive the amount instantly by ensuring a hassle-free process of application.

3. Travel the World

Travel the World

A travel loan is a personal loan for travel. You can avail a travel loan for your holidays and vacation with your friends and family. With a travel loan, you do not have to wait for a year to save money and take that annual trip. You can do it right away. All you need is to do is fix a budget for your trip and avail a loan for that amount. The loan can cover all your expenses from the accommodation, food, tickets, transportation, etc.

The aim is to experience the beauty of life and to explore cities with rich heritage. Whether you travel for leisure or business purposes, opt for personal loans. With a personal loan, you can easily cover your trip expenses while making the most of your tour. The best way to receive a disbursal immediately for your next trip is by applying for personal loans online. Moreover, personal loan interest rates are affordable which eventually helps you save more money.

4. Deal with Unexpected Medical expenses

Health insurance is one thing, which every family makes sure to have. However, in cases of emergency when you need instant money for treatments you can take a medical loan. The unpredictability of life is inevitable. At the arrival of unannounced medical emergencies, your expenses are significantly affected. However, the money that goes behind the treatments is controllable with the help of personal loans. You can take a personal loan for cases where your cashless Mediclaim is not accepted in hospitals and you need urgent access to funds. Your hospital bills, prescriptions, and so on are taken cared by the loan you avail, and these are just a few benefits of taking a personal loan for a medical emergency.

5. Fund your Higher Education

Your education ushers your success in the long run. To prove their mettle, the maximum number of individuals prefer studying abroad. The rest of them opt out of higher education due to limited funds. Therefore, apply for a education loan to accomplish all your educational needs with ease. An individual can choose his preferred institution and opt for a personal loan to fund their higher studies.

Since your needs are our top priority, we customize our loans based on your requirements. Explore the various types of loan options available with Indiabulls Dhani and apply for the same accordingly. Before borrowing a loan, utilize a personal loan EMI calculator to get a clear picture of the estimated EMI amount. With Indiabulls Dhani, you can avail a personal loan in minutes. To be eligible to avail the personal loan you need to be a salaried professional, an Indian resident aged 21 years and above. You can apply for the personal loan by using the Indiabulls Dhani’s personal loan app or online through the Indiabulls website. You only need your PAN card, address proof, and identity details. The loan is processed in minutes and you get the money in your account instantly. A personal loan can be used for any type of financial issue. Hence next time you face a financial crunch ask yourself if a personal loan can help you get out from it.

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