Personal Loan is an unsecured loan that is generally used for a personal purpose. This type of loan could be used for paying off debts, going on vacations, buying appliances and latest gadgets, home improvement, unexpected medical expenses, and so forth. The banks calculate the eligibility of the borrower before approving the loan application. A Personal Loan is offered based on the credibility and repaying capacity of the borrower. The funds from a Personal Loan could be used for any type of expense as per the convenience and requirement of the borrower. As a Personal Loan does not require any security or collateral, the rate of interest charged is comparatively higher than other types of loans. Unlike the high rate of interest, the loan tenure is shorter than the other types of secured loans and can be used for any personal need.
Different Types of Personal Loan
There are different types of Personal Loans based on need - for example:
1. Festival Loans: Loans offered during festival season at discounted interest rates for a shorter period of time.
2. Consumer Durable Loans: Small loans offered to purchase durable consumer products including televisions, ACs, etc.
3. Marriage Loan: Loan offered for marriage expenses
4. Vacation Loan: Loan taken for travel (Domestic and International)
5. Home Renovation Loan: for renovating/ upgrading your home
Dyutir is a leading financial services marketplace with experience of more than two decades. The Dyutir team consists of experienced and service-oriented professionals who will help you choose the best loan offer, suitable to meet your specific requirement. They will analyze your financial needs, and then help you throughout the loan process beginning from the submission of loan application till the loan disbursal into your account and follow-up for any service requirement.