What is the Different Types of Personal Loans?

One of the simplest and most straightforward ways to get additional money for significant expenses or other financial requirements is to take out a personal loan. However, finding the ideal loan product that fits your needs and repayment capacity can occasionally become daunting. It is because of the wide variety of personal loan kinds and possibilities offered by financial institutions nowadays. That’s why you must learn the personal loans types.

How many Types of Personal Loan are There in India?

Here are the 8 types of personal loans.

1. Wedding Loan: Used to cover wedding expenses such as venue, attire, catering, and photography. Ideal for individuals who want to manage the costs of a large or elaborate event.

2. Travel Loan: Specifically designed to finance travel-related expenses, including airfare, accommodation, and tour packages. Offered at competitive interest rates for domestic and international travel.

3. Medical Loan: Provides funds for medical emergencies or planned treatments. Quick disbursal and minimal documentation make it suitable for urgent needs.

4. Education Loan: Used to finance higher education, certification courses, or vocational training. Covers tuition fees, living expenses, and travel for studies.

5. Debt Consolidation Loan: Consolidate multiple debts into a single loan. Simplifies repayment by combining various loans under one interest rate and tenure.

6. Home Renovation Loan: Covers expenses for home repairs, renovations, and improvements. Popular among homeowners looking to upgrade their living spaces.

7. Consumer Durable Loan: Finances the purchase of electronics, appliances, and other consumer goods. Often comes with zero or low-interest options.

8. Top-Up Loan: Available to existing personal loan borrowers to access additional funds. Ideal for managing unforeseen financial requirements.

I hope this helps you understand the different types of personal loans.

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My sister works at ICICI Bank, and when I told her that I wanted to take a personal loan. She told me which personal loan I would want to take. As I wasn't aware, I asked her about the types of personal loans in India. Here is what she told me.

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What are the Different Types of Personal Loans in India?

According to my sister, there are 5 types of personal loans in India. These are

This is what she told me when I asked how many types of personal loan there are with ICICI bank. 

She also told me that I could avail of these loans through the app, net banking or by visiting the branch. I hope this information about how many types of personal loan has been of help to you. 

There are different types of personal loans from banks that you can apply for. Being a bank employee, I can help you learn the personal loan types in detail. This will help you choose which kind of personal loan you want to apply for. Let me share the list here:

What are the Different Personal Loan Types in India?

I have worked at HDFC for a decade so let me tell you what kind of personal loans this bank provides to its customers. In other banks as well, you will find most of these loans but the interest rates and eligibility criteria might vary. Here is a list of personal loans:

If you are planning to avail a personal loan from another bank, visit its official portal and get to know more details about it. This list is just to give you some idea about the types of personal loans you can avail of.

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