Personal Loan

Different Kinds of Personal Loan Offerings This Festive Period


Are you ready for a personal loan offer this festive period? Are festive loans safe? How can I get them? If you Google “how many types of loans,” you can get a list of loan types. When you search for “various forms of personal loans,” you may get results for secured and unsecured loans, which are available from various financial organizations.

To get a personal loan with collateral, you must have something of value to put up as collateral. On the other hand, an unsecured personal loan is one in which the lender extends credit based on your creditworthiness but does not need you to put up any assets as security. On the other hand, festive loans have much higher interest rates than other types of festive loans, including mortgages and student loans. This is due to the increased risk of recovering the funds.

A personal loan can cost anywhere between Rs 50,000 and Rs 30,000. If you want to make an informed choice, here’s all you need to know about the many types of festive loans available in India.

What precisely is a “personal loan”?

It’s a loan with no security that may be used for everything from debt consolidation to purchasing a large item to covering unforeseen expenses. You can accomplish any of these things if you apply for a personal loan.

The size of the loan, the interest rate, and the length of time you have to repay the loan will all be determined by your credit score. Personal loans are typically repaid in a specified number of monthly instalments.

What are the many types of personal loans?

People in India who wish to borrow money may pick from several personal loans, which have varied titles based on their purpose:

Taking out a loan to pay for a wedding is popular in India. For these types of loans, lenders often establish varying interest rates and payment terms. If you wish to modify your house, you may receive a home improvement loan.

  •      Student loan

Students enrolled in a government-approved institution, or university may apply for an education loan. Most of the time, these loans have cheap interest rates and are simple to repay.

  •       Travel Loan:

If you plan a vacation, you may apply for a travel loan. This loan will assist you in covering the costs of your vacation.

  •       Consolidation Loan

Debt consolidation mortgages may save you money by combining your high-interest debt into one affordable monthly payment and decreasing your interest rate. This can help you keep track of your debts and save you money on interest payments.

  •       Personal loans

Personal loans secured by a pension are an alternative for retirees looking to conserve money while still enjoying their golden years. Most of the time, these loans feature cheaper interest rates and additional repayment choices.

  •      Car loans

If you use a personal loan as collateral for a vehicle loan, you may purchase a car with no down payment. These loans often have higher interest rates than automobile loans, but they are repaid considerably more quickly.

Self-employed individuals are eligible for financing. Self-employed individuals may get personal loans if they so desire. The interest rate is higher than a standard personal loan, but the loan term is shorter.

  •       Medical loan

Personal loans may be another option for paying medical expenses. The interest rates on these loans are often higher than those on standard personal loans, but the borrower has a shorter time to repay the debt.

How to apply for one of India’s varieties of no-interest personal loans?

Obtaining a personal festive loan is a simple procedure. You may apply in person at any participating bank or financial institution or online on this website.

You must complete a digital application form with personal and financial information to apply for a personal loan. It usually doesn’t take long for a lender to review your application and determine whether or not to provide you with a loan. It’s time to get started now that you can apply for a personal festive loan online.

Filling out a paper application and bringing it in person with any supporting papers is the conventional approach to applying for a personal festive loan at a bank or other financial institution. It usually takes little time from the moment you fill out an application to the time you obtain the money from the lender.

Who is eligible for a personal loan? What must they do to get one?

While each bank has its unique method of approving clients for personal loans, they must all adhere to the same fundamental guidelines. Personal festive loans in India may have varying eligibility requirements.

  •       A person must be at least 22 years old and no older than 58 when the loan term expires.
  •        It would help if you were employed and had a consistent source of income.
  •        You must have an excellent credit history.
  •        To proceed, you must demonstrate who you are and how much money you earn.
  •        To conduct financial transactions, you must open an account in your name.
  •        Personal loans with no collateral need documentation.
  •        Even though the documentation required by each personal loan provider varies, several items are always required.
  •        You have filled out and signed an application form.
  •        Evidence of your identity (passport, PAN card, voter ID, driving licence, etc.)
  •        You must provide documentation that you reside in the form of (a utility bill, ration card, rent agreement, etc.)
  •        Evidence that the money came from where it came from (salary slips, Form 16, bank statements, etc.)
  •        Bank deposits during the previous six months
  •        Documents demonstrating who you are and where you reside presently (Aadhar card, PAN card, etc.)


Once you understand the various festive loans, you can choose the one that best meets your needs. You may research and evaluate the most reputable lending businesses online, choose one to deal with after ensuring you satisfy all their conditions, and then get a personal festive loan immediately. Even though we do not provide personalised advice, Investment Reliable is a reliable source for unbiased news and trading, investing, and financial analysis. Before signing up for a service, users should conduct their research. It would help if you also read the articles on Piramal Finance because they contain more information and will teach you more.