Money is the basic need for any individual. Fulfilling the life’s requirement needs money and it’s hard to believe that it’s quite difficult to for every individual to collate the desired fund and mitigate the needs of the hour. But India has been quite liberal in helping its citizens in that front through unlimited financial institutions and banks.
These are the loans that an individual can take to fulfill the personal requirements. If you are thinking about taking out a loan then you may want to confide in a Lending Expert first. Personal loans are classified into five major categories. However, the loan interest rates may vary from bank to bank, but the purpose for the loan remains the same. Moreover, apart from the point of mitigating personal needs, banks also give loans to start business.
Consumer Durable Loans
Such loans are provided so as to enable a consumer to buy products like washing machines, music systems, televisions and so on. This type of loan can be acquired in many parts of the world. For example, residents in Norway who are struggling financially and need a bit of money to help improve their standard of living may look into sites like https://norgelån.com for a bit of assistance. We all need a helping hand at times, especially when it comes to dealing with finances.
It is one of the unique loans that banks gives to its account holders so as to attract them and retain them. Under this category of loan, one can avail only 10k to 1 Lac, but there are other banks also that disburse in various other ranges like from 5 k to 2lacs.
This is a kind of personal loan people generally need to mitigate their family expenses during festivals. Most of the banks provide such loans with reasonable interest rates. In this category, one can avail from 5k to 50 k. But the loan amount time period is only 12 months. Repayment is done via EMIs. The rates of interest vary from bank to bank.
There are numerous financial institutions in the country that aim at taking care of the senior citizens of our country mostly in rural and urban sector. Retired citizens can only take this loan. Such a loan is called pension loans. In such cases, the banks can disburse up to 7-8 times of the last pension amount they received.
If you’re a retired homeowner in need of some extra cash, then you might also want to consider looking into equity release. Take a look at this free equity release calculator to see how much money you could be entitled to borrow.
These days, such loans are quite popular among the urban and rural folks. These loans are figured out by the bank considering certain eligibility parameters like repayment capacity, security pledged by the applicant and the age. The interest rates for this loan depend on the current market rates.