Types of Personal Loans

Personal loans are a type of unsecured loan, which means that the lender does not require any security or collateral to grant you a loan. Unlike other loans such as home loans, personal loans also offer you the freedom to use the funds for any reason. However, while they offer flexibility, personal loan interest rates tend to be higher than most other loans. 

At Finnable, we offer instant loan of up to Rs. 10 lakhs at attractive interest rates. So, take a look at the types of personal loans we offer.

Here are the different types of Personal Loans offered by Finnable

1. Wedding Loan

The old saying goes that marriages are made in heaven. But weddings come with a long list of expenses. Even so, everyone deserves to cherish their wedding day and make it a memory of a lifetime. 

So if you’re worried about wedding expenses but want the celebration of your dreams, consider a wedding loan from Finnable. A wedding loan is a type of unsecured loan, which you can utilize for any wedding-related expenses. Be it the caterer of your choice, the venue, the dresses or even your honeymoon destination—it covers everything.

2. Vehicle Loan

A vehicle loan is one of the options among the different types of personal loans which you can use to buy any vehicle of your choice. Be it the brand new two-wheeler you have been eyeing or the four-wheeler that you were considering buying for your family, it’s all possible with this loan.

3. Travel Loan

A travel loan or a holiday loan is meant for people who wish to travel but may be short of funds. You can now travel to your favourite holiday destination using the funds from this personal loan and repay the same with easy EMI’s.

4. Medical Loan

No one can predict when a medical issue might occur to us or a loved one. What is critical at this time is for you to have the required funds to get the right treatment at the proper time.

You can avail of an instant personal loan in the form of a medical loan at such a time. These loans come with easy documentation and quick loan disbursement. So, you can rest assured about having the required funds in hand for medical treatment at such times.

5. Home Renovation Loan

Renovating your house can become a necessity at some point in time. Home renovation helps to fix the small deteriorations while enhancing the value of your existing house in case of a future sale. However, reconditioning and renovating can be expensive and not everyone may have enough cash in hand to make changes as per their wishes. An instant personal loan in the form of a home renovation loan can help you with the expenses you incur, which you can pay off easily. So give your home the makeover it deserves with a home renovation loan, without worrying about money or creating a dent in your pocket.

6. Education Loan

Education is one of the best ways to take one’s career and life goals forward. So, whether you are a student or the parent of a child and are wondering how to pay for educational fees and costs, an education loan is here to help you. The loan amount covers any costs related to education, be it the course fees, study materials, exam fees, the cost of a laptop, or any other education-related costs that you might incur.

How can loans have a ‘One Size-Fits All’ approach?

We at Finnable are aware of the various needs of our customers and have built different types of personal loans to suit each requirement. Our personal loans have high loan amounts of up to Rs. 10 lakhs and flexible repayment tenure of up to 60 months. What’s more, none of these types of unsecured loans requires collateral and all of these come at attractive personal loan interest rates. For more details, contact us.

Different types of Personal Loan

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FAQs on Types of Personal loan

Finnable offers various types of personal loans to cater to different needs. Some of our most popular loans include iPhone loans, travel loans, shopping loans, and wedding loans. For detailed information about each loan type, including their features, eligibility criteria, and benefits, feel free to reach out to us at makeiteasy@finnable.com.

To determine the right type of personal loan, consider your specific financial needs and goals. For example, if you need funds for a specific purpose, such as a medical procedure or wedding, you may opt for a medical loan or a wedding loan, respectively. If you require a general-purpose loan without collateral, an unsecured personal loan may be suitable.

The choice between secured and unsecured personal loans depends on your individual circumstances. Secured personal loans typically offer larger loan amounts and lower interest rates because they require collateral. However, unsecured personal loans don't require collateral, but the loan amount and interest rates may be relatively higher.

Debt consolidation loans are designed to combine multiple debts into a single loan, making it easier to manage and potentially reducing your overall interest payments. With a debt consolidation loan, you can pay off your existing debts and streamline your repayments into a single monthly installment.

Yes, Finnable's personal loans can be used for various purposes, including debt consolidation, home improvement, medical expenses, education, or travel. The loan amount can be tailored to your specific needs. 

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